The French bank Société Générale has debunked rumours of its withdrawal from the Ghanaian banking sector, dismissing them as unfounded speculation.
The bank clarified that it is undergoing a restructuring of its operations to better adapt to international market dynamics.
Addressing concerns raised by shareholders at the 44th Annual General Meeting, Société Générale’s Managing Director, Hakim Ouzzani, emphasized that the reports did not originate 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 on the papers is not by SG, it is not by SG Ghana,” he stated.
Reports widely circulated have suggested that Société Générale was exiting the Ghanaian banking sector after 20 years.
Recently, Société Générale finalized deals with Saham Group to divest its Moroccan operations. In 2023, the bank was also divested from several African countries, including Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad.
Citing its longstanding presence in Africa, Société Générale aims to refocus its resources on markets where it can establish itself as a leading bank. This move aligns with the overarching strategy outlined on its website on April 12, 2024.