French bank, Société Générale has taken the decision to exit the Ghanaian market after 20 years of operations in the country.
In addition to Ghana, the bank has decided to cease operations in two other African countries, Tunisia and Cameroon.
For this reason, the French has hired an investment bank, Lazard, to find potential buyers for its businesses in Tunisia, Ghana, and Cameroon, and indications are that Absa Bank has shown interest in buying it.
The action comes just a week after Société Générale signed deals with Saham Group to sell its Moroccan assets.
Last year, the bank sold its holdings in Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad, and the potential sale of its operations in Ghana indicates a decision by the French bank to exit the African market.
The bank initially entered Ghana in 2003, when it acquired a 51% share in what was then known as the Social Security Bank.
According to the bank’s website updated on April 12, 2024, Société Générale, with its strong presence in Africa, intends to focus its efforts on markets where it can strengthen its position as a major financial institution, in line with the group’s overall strategy.
According to some reports, Société Générale’s planned pullout from Ghana and other African countries is consistent with similar steps taken by other European banks such as Barclays Bank, and Standard Chartered.
Furthermore, recent arrivals such as Atlas Mara have exited the continent, while Credit Suisse retains solely its operations in South African.
As early as 2018, the French bank, Groupe BPCE, exited its non-core businesses in many African countries.
A Business Desk Report