The Management of Société Générale Ghana has said in a statement on Thursday, May 9 that the Société Générale Group has initiated a strategic review.
Société Générale Ghana says that it will communicate further details at the appropriate time according to applicable legislation.
“Societe Generale Ghana has been informed that Societe Generale Group, which holds 60.22% of Societe Generale Ghana, has initiated a strategic review.
“If a concrete development were to be decided, a subsequent communication will be made at the appropriate time according to applicable legislation,” the statement said.
https://3news.com/business/societe-generale-ghana-md-describes-exit-report-as-rumour/
On Wednesday, May 8, the Managing Director of Societe Generale Ghana, Hakim Ouzzani, described the media reports that the bank is exiting Ghana as rumors.
Mr. Ouzzani said that the report did not come from the bank.
He assured that the bank remains committed to its group strategy to strengthen its capital base since 2023.
“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”, he said while speaking at the 44th Annual General Meeting of Societe Generale Ghana in Accra.
“We don’t want to comment further,” he added.
It had been reported that after nearly 20 years of operations in Ghana, the French bank had decided to withdraw from Ghana.
Société Générale has engaged investment bank Lazard to explore potential buyers for its operations in Ghana, Cameroon, and Tunisia. The report that there are indications that Absa Bank was seriously contemplating acquiring these subsidiaries.
The departure of European banks from Africa, including Société Générale, is primarily attributed to the high cost-to-income ratio.
