(Reuters) -French bank Societe Generale said on Friday it had reached a deal with Atlantic Financial Group for the sale of a 57.93% stake in its Guinean unit. Chief Executive Slawomir Krupa has pledged to boost profit and capital by cutting costs and shedding some non-core assets to improve Societe Generale's overall performance.

Societe Generale SA took another step toward reducing its business in Africa, joining a long list of European lenders who have retreated from the continent.

Societe Generale (OTCPK:SCGLF) (OTCPK:SCGLY) has agreed to sell its Guinea subsidiary to Pan-African banking group Atlantic Financial Group, it said on Friday, marking another step in the French bank's efforts to reduce its footprint in Africa.