Société Générale Ghana dismisses market exit reports

French Bank Société Générale has dismissed rumours suggesting its withdrawal from the Ghanaian banking sector, describing them as baseless speculation.

The bank clarified that it is restructuring its operations to better align with international market dynamics.

Addressing concerns raised by shareholders regarding the alleged departure during the 44th Annual General Meeting, Société Générale’s Managing Director, Hakim Ouzzani, emphasised that the reports were not originating from the bank itself.

“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 that the papers are not by SG; they are not by SG Ghana,” he stated.

Widely circulated reports have indicated that Société Générale is exiting the Ghanaian banking sector after 20 years.

Société Générale recently finalised deals with Saham Group to offload its Moroccan operations. In 2023, it was divested from several African countries, including Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad.

Citing its long-standing presence in Africa, Société Générale aims to focus its resources on markets where it can assert itself as a leading bank, aligning with its overarching strategy outlined on its website on April 12, 2024.

Source: CitiNewsRoom