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Societe Generale Bank Reportedly Exiting the Ghanaian Market After 20 Years

French banking giant Societe Generale is reportedly planning to exit its operations in the Ghanaian market, as per various media reports.

The bank first entered Ghana back in 2003 through the acquisition of a 51 percent stake in what was then known as Social Security Bank.

According to the accratimes.com, after nearly two decades of presence in Ghana, Societe Generale isalso considering pulling out from two other African nations, specifically Cameroon and Tunisia.

Insiders cited in the report reveal that Societe Generale has enlisted the expertise of investment bank Lazard to scout for potential buyers interested in acquiring its operations in Ghana, Cameroon, and Tunisia.

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Additionally, the report highlights recent developments where Societe Generale concludedd eals with Saham Group to offload its Moroccan operations. Furthermore, in 2023, the French banking institution divested its interests in various African countries, including Congo, EquatorialGuinea, Mauritania, Burkina Faso, and Chad.

As per the bank’s website update on April 12, 2024, Societe Generale, with its externsive presence in Africa, aims to concentrate its resources on markets where it can solidify its position as a leading financial institution, aligning with the group’s overarching strategy.

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