Societe Generale Group initiates strategic review of operations in Ghana

Societe Generale Ghana has been informed that Societe Generale Group, which holds 60.22% of its shares, has initiated a strategic review.

In a press statement cited by GhanaWeb Business, it noted that "if a concrete development were to be decided, a subsequent communication will be made at the appropriate time according to applicable legislation."

Prior to this, Societe Generale Ghana denied rumors of its exit from the Ghanaian banking sector.

The speculation, which suggested a withdrawal after two decades of operations, was labelled as unfounded by the bank’s Managing Director, Hakim Ouzzani, during the 44th Annual General Meeting.

Ouzzani stressed that such reports did not originate from the bank.

"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 that the papers are not by SG, they are not by SG Ghana," he stated amidst shareholder queries about the alleged pullout.

The French bank first entered the Ghanaian market by acquiring a 51 percent stake in the then Social Security Bank in 2003.

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