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Société Générale Denies Rumors of Exiting Ghana

Société Générale, the French bank, has categorically dismissed rumors suggesting its withdrawal from Ghana’s banking sector, labeling them as unfounded speculation.

The bank clarified that it is undergoing a restructuring of its operations to better align with international market dynamics.

During the 44th Annual General Meeting, Société Générale’s Managing Director, Hakim Ouzzani, addressed concerns raised by shareholders regarding the alleged departure.

He emphasized that the reports did not originate from the bank itself.

“Some rumors have indeed circulated regarding SG Ghana. However, it is important to clarify to all our stakeholders and shareholders that the news being circulated in the media was not issued by the group or by SG Ghana. We do not wish to comment further, but I must insist that the reports are not from SG or SG Ghana,” he stated.

Recent reports widely circulated indicated that Société Générale was planning to exit the Ghanaian banking sector after 20 years.

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However, the bank’s recent actions, such as finalizing deals with Saham Group to offload its Moroccan operations and divesting from several African countries in 2023, including Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad, have fueled these speculations.

Despite these moves, Société Générale reiterated its commitment to Africa, citing its long-standing presence on the continent.

The bank aims to focus its resources on markets where it can establish itself as a leading financial institution, aligning with its overarching strategy outlined on its website on April 12, 2024.

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