Société Générale Downplays Reports About It Exiting Ghana: “We Don’t Want To Comment Further”
- Société Générale has downplayed recent reports about its withdrawal from the Ghanaian banking sector
- The French bank explained that it was restructuring its operations to international market dynamics
- The bank’s Managing Director, Hakim Ouzzani, addressed concerns about the departure during the bank’s 44th Annual General Meeting
Société Générale has downplayed reports it is withdrawing from the Ghanaian banking sector.
The bank explained that it was restructuring its operations to address international market dynamics.
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The bank’s Managing Director, Hakim Ouzzani, said the reports were not from sources within the bank.
He addressed concerns about the departure during the bank’s 44th Annual General Meeting.
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“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,” he stated.
Société Générale recent moves
Société Générale is also said to be exiting several African markets, including Tunisia and Cameroon.
In December 2023, five months after the announcement of its exit from Congo, Mauritania, Equatorial Guinea, and Chad, SG sold its subsidiaries in Burkina Faso and Mozambique.
It has been revealed that in its latest exits, the bank has engaged the services of investment bank Lazard to explore potential buyers for its subsidiaries in the markets it is disinvesting from.
According to reports, Absa Bank has emerged as a strong contender for acquiring SG’s subsidiaries.
Glovo exits Ghana market
YEN.com.gh reported that food delivery platform Glovo had announced its plan to end operations in Ghana on May 10, 2024.
The food delivery company cited profitability issues within the Ghanaian market as the reason for its early departure despite significant business expansion investments in the last two years.
This was contained in a memo shared with the company’s network of restaurant partners via email.
According to the company, it will shift its resource investments to other countries where it operates to optimise service delivery.
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Source: YEN.com.gh
