French bank Société Générale has refuted rumours of its withdrawal from the Ghanaian banking sector, dismissing them as baseless 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, emphasizing 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 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.
Reports widely circulated indicated that Société Générale was exiting the Ghanaian banking sector after 20 years of operation.
This move comes after Société Générale recently finalized deals with Saham Group to offload its operations in Morocco. In 2023, the bank 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.