French Bank Société Générale has refuted rumors of its exit from the Ghanaian banking sector, dismissing them as unfounded speculation. The bank stated that it is restructuring its operations to better adapt to global market trends.
At the 44th Annual General Meeting, Société Générale’s Managing Director, Hakim Ouzzani, addressed shareholder concerns about the alleged departure and stressed that the reports did not come from the bank.
“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.
Widely circulated reports have indicated that Société Générale was exiting the Ghanaian banking sector after 20 years of operation.
Société Générale recently finalized 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.
