Société Générale announces a strategic review of its operations in Ghana

Societe Generale Ghana says its parent group ,which holds some 60.22% shares    has initiated a strategic review of its Ghana operations.

Société Générale Ghana however says  it will communicate further details of the review   at the appropriate time according to applicable legislation.

“Societe Generale Ghana has been informed that Societe Generale Group, which holds 60.22% of Societe Generale Ghana, has initiated a strategic review” a statement from the bank said.

The statement comes days after the Managing Director of Societe Generale Ghana, Hakim Ouzzani, said rumors about the bank exiting the Ghanaian market was not coming from the Group Head Office in France.

The Board of Directors of Societe Generale Group in April  announced  the sale of Societe Generale Group’s shares (57.67%) in Société Générale Marocaine de Banques including its subsidiaries and the total divestment of Sogecap’s stakes in the insurance company La Marocaine Vie to Saham Group

The Bank said the  divestment project was  part of the execution of Societe Generale’s strategic roadmap  targeting a streamlined, more synergetic and efficient business model, while strengthening its  capital base. 

Slawomir Krupa, Chief Executive Officer of Societe Generale Group, said  “Societe Generale is pursuing the implementation of its strategic roadmap through this divestment project. Over the last decades, Societe Generale has built a solid and recognised bank in Morocco serving more than one million clients. We are convinced the quality of Saham Group’s proposed project will offer new development prospects for these activities and will create value for customers and employees. Societe Generale is fully committed to support the transition and is pleased to enter into a long-term partnership with Saham Group.”