Société Générale MD debunks rumors of exiting Ghana
In a bid to quell market uncertainties, Société Générale’s Managing Director, Hakim Ouzzani, has dismissed swirling rumors suggesting the French bank’s imminent departure from Ghana.
Addressing shareholders at the institution’s 44th Annual General Meeting, Mr Ouzzani underscored that the speculated news, which has permeated various media outlets, did not stem from either Société Générale or its Ghanaian subsidiary, SG Ghana.
“Regrettably, certain rumors have taken root regarding SG Ghana,” stated Mr Ouzzani. “However, it is imperative to affirm to all our stakeholders and esteemed shareholders that the circulating news item was not disseminated by the group nor by SG Ghana.”
The remarks by Mr Ouzzani were aimed at assuring stakeholders of the bank’s commitment to Ghana’s financial sector and underscored Société Générale’s dedication to transparent communication amidst market speculation.
According to reports, Societe Generale (SG) has decided to leave the Cameroonian market as well as sell its assets in Tunisia and Ghana.
According to the French daily La Lettre, SG has mandated the investment bank Lazard to find a buyer for its Cameroonian subsidiary which will also cover Tunisia and Ghana.
Lazard will play a key role in the process of finding a suitable buyer for Societe Generale’s activities in Cameroon, Tunisia, and Ghana.
The investment bank will work closely with SG to identify potential candidates and negotiate the terms of the transaction.
In 2023, New CEO Slawomir Krupa stated that one of his top priorities was to allocate the bank’s capital more effectively.
SG sold its subsidiaries in Burkina Faso and Mozambique in December 2023, five months after the announcement of its exit from Congo, Mauritania, Equatorial Guinea, and Chad.
