{"id":178794,"date":"2024-05-06T10:33:39","date_gmt":"2024-05-06T10:33:39","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/05\/06\/societe-generale-to-exit-ghana-after-20-years\/"},"modified":"2024-05-06T10:33:39","modified_gmt":"2024-05-06T10:33:39","slug":"societe-generale-to-exit-ghana-after-20-years","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/05\/06\/societe-generale-to-exit-ghana-after-20-years\/","title":{"rendered":"Soci\u00e9t\u00e9 G\u00e9n\u00e9rale to exit Ghana after 20 years"},"content":{"rendered":"<p><\/p>\n<div>\n<p>French Bank Soci\u00e9t\u00e9 G\u00e9n\u00e9rale has decided to exit the Ghanaian market, marking the end of its 20-year presence in the country.<\/p>\n<p>In addition to Ghana, the bank has opted to cease operations in other African nations, namely Tunisia and Cameroon.<\/p>\n<p>Sources close to the French bank disclosed that it has engaged investment bank Lazard to explore potential buyers for its subsidiaries in the three countries. Absa Bank is rumoured to have emerged as a strong contender for acquiring the bank\u2019s assets.<\/p>\n<p>Recently, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale finalized deals with Saham Group to offload its Moroccan operations. In 2023, it was divested from several African countries, including Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad.<\/p>\n<p>Citing its long-standing presence in Africa, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale aims to focus its resources on markets where it can assert itself as a leading bank, aligning with its overarching strategy outlined on its website on April 12, 2024.<\/p>\n<p>The move by Soci\u00e9t\u00e9 G\u00e9n\u00e9rale to exit Ghana and other African markets mirrors similar actions taken by its European counterparts. Barclays and Standard Chartered are notable examples, with the latter scaling back operations in some countries while maintaining a presence in Ghana and select African nations.<\/p>\n<p>Additionally, newer players like Atlas Mara have exited the continent, while Credit Suisse has retained its operations solely in South Africa.<\/p>\n<p>As European and other non-African banks exit, there is speculation that African banks, particularly those from South Africa and Nigeria, may emerge as dominant forces in the continent\u2019s banking sector.<\/p>\n<hr\/>\n<p><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>French Bank Soci\u00e9t\u00e9 G\u00e9n\u00e9rale has decided to exit the Ghanaian market, marking the end of its 20-year presence in the country. In addition to Ghana, the bank has opted to cease operations in other African nations, namely Tunisia and Cameroon. Sources close to the French bank disclosed that it has engaged investment bank Lazard to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":178351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-178794","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Soci\u00e9t\u00e9 G\u00e9n\u00e9rale to exit Ghana after 20 years - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/05\/06\/societe-generale-to-exit-ghana-after-20-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Soci\u00e9t\u00e9 G\u00e9n\u00e9rale to exit Ghana after 20 years - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"French Bank Soci\u00e9t\u00e9 G\u00e9n\u00e9rale has decided to exit the Ghanaian market, marking the end of its 20-year presence in the country. 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