Société Générale has dismissed the buzz about leaving Ghana’s banking scene as just rumors. They’re shaking things up to keep pace with the world’s financial market changes. At their 44th Annual General Meeting, the Managing Director, Hakim Ouzzani, told shareholders straight up that the bank didn’t start these rumors, calming worries about a potential exit.
Ouzzani made it clear, “Some rumors 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.” So, the bank’s staying put and wants to clear the air about any false news.
Despite the denials, whispers are still flying that Société Générale is looking to pack up from Ghana after 20 years, with similar moves in Tunisia and Cameroon. Word is they’ve got Lazard, the investment bank, on the lookout for buyers for their operations in these countries. Absa Bank might be eyeing these up for grabs subsidiaries. Just a while back, Société Générale wrapped up a deal to sell off their Moroccan business to Saham Group and has been stepping away from several African markets, including Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad.
