By French bank Société Générale has categorically refuted rumors indicating its departure from the Ghanaian banking sector, dismissing them as unfounded speculation.
The bank clarified that it is undergoing restructuring of its operations to better conform with international market dynamics.
Responding to shareholders’ concerns regarding the purported departure at the 44th Annual General Meeting, Société Générale’s Managing Director, Hakim Ouzzani, stressed 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 and 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.
There have been widely circulated reports suggesting that Société Générale was withdrawing from the Ghanaian banking sector after 20 years of operation.
Société Générale recently concluded agreements with Saham Group to divest its Moroccan operations. In 2023, the bank also divested from multiple African countries, including Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad.
With a significant history in Africa, Société Générale aims to concentrate its resources on markets where it can maintain a prominent position as a leading bank, in line with its overarching strategy outlined on its website on April 12, 2024.
