The Managing Director of Societe Generale Ghana, Hakim Ouzzani, has firmly refuted media reports suggesting the bank’s departure from Ghana. Addressing stakeholders at the 44th Annual General Meeting held in Accra, Mr. Ouzzanilabeled the reports as mere rumors, asserting that they did not originate from the bank itself.
Dispelling any notions of an imminent exit, Mr. Ouzzanireiterated the bank’s unwavering commitment to its group strategy, particularly in bolstering its capital base since 2023.
“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,” he affirmed.
While the MD declined to delve further into the matter, recent speculations have suggested otherwise. Société Générale has reportedly engaged investment bank Lazard to explore potential buyers for its operations not only in Ghana but also in Cameroon and Tunisia. Among the names floated in the market, Absa Bank has emerged as a serious contender for acquiring these subsidiaries.
The purported withdrawal of Société Générale and other European banks from African markets has been attributed to the persistently high cost-to-income ratio. However, SocieteGenerale Ghana’s denial of exit rumors stands as a testament to its ongoing commitment to the Ghanaian market, at least for the foreseeable future.
Source : 3 news online
