Finance

Societe Generale Bank to leave Ghana after 20 years – Reports

French bank Societe Generale is reportedly making a decision to exit its operations from the Ghanaian market, according to multiple media reports.

The bank initially entered Ghana in 2003 by acquiring a 51 percent stake in the then Social Security Bank.

As reported by theaccratimes.com, after operating in Ghana for about 20 years, the bank is also planning to withdraw its operations in two other African countries, specifically Cameroon and Tunisia.

Sources close to the bank mentioned in the report stated that Societe Generale has engaged the services of investment bank Lazard to seek potential buyers for its operations in Ghana, Cameroon, and Tunisia.

The report also mentioned that Societe Generale recently finalized agreements with Saham Group to sell its Moroccan operations, and in 2023, the French bank divested its interests in several African countries, including Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad.

According to the bank’s website dated April 12, 2024, the Societe Generale group, with its longstanding presence in Africa, aims to focus its resources on markets where it can establish itself as a leading bank, in line with the group’s overall strategy.

However, Fitch Ratings has indicated that the French bank’s planned exit from some African countries is expected to provide emerging pan-African banking groups with significant opportunities to grow, either organically or through mergers and acquisitions.

“This should stimulate competition and benefit local banking sectors despite some short-term challenges,” Fitch stated on its website on April 26, 2024.

The withdrawal of some European banks in Africa is primarily attributed to increased competition, high cost-to-income ratio, reduced returns on investments, regulatory requirements, among other factors.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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