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We're not exiting Ghana — Société Générale dismisses reports

Société Générale, the French bank, has refuted rumors about exiting the Ghanaian banking sector, labeling them as unfounded speculation.

Société Générale

Instead, the bank stated that it's restructuring its operations to better suit global market trends.

During the 44th Annual General Meeting, Société Générale's Managing Director, Hakim Ouzzani, assured shareholders that the reports didn't originate from the bank itself, addressing concerns about the alleged departure.

He said "Some rumours have indeed taken root regarding SG Ghana. But it’s important to mention to all our stakeholders and our shareholders that the news item being circulated in the media was not issued by the group nor by SG Ghana.

"We don’t want to comment further. But really, I insist on the papers is not by SG, it is not by SG Ghana."

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Reports stated that Société Générale after two decades of operation in Ghana, has opted to exit the country, joining similar exits from Tunisia and Cameroon.

According to reports, Société Générale has engaged investment bank Lazard to explore potential buyers for its operations in Ghana, Cameroon, and Tunisia.

There's speculation that Absa Bank is actively contemplating acquiring these subsidiaries.

Recently, Société Générale concluded agreements with Saham Group to sell its Moroccan operations.

Moreover, last year, the bank divested its stakes in multiple African nations, such as Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad.

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