Société Générale has submitted a comprehensive list of potential investors to the Bank of Ghana (BoG). This comes as the French multinational bank evaluates its operations in the country amidst speculation about its long-term plans. The BoG, serving as the regulatory authority, now holds a key role in overseeing the bidding process, ensuring a smooth transition as the bank looks to amend its ownership structure.
The submission follows reports earlier this year that suggested Société Générale might exit Ghana after nearly two decades of operations. These rumors were sparked by a strategic review initiated by the bank, prompting widespread concern about its future in the country. However, the management has clarified that this restructuring is aimed at sustaining its presence in the market, not necessarily signaling an exit. To aid in this process, the bank hired investment firm Lazard to identify potential buyers for its stakes not only in Ghana but also in other African markets like Cameroon and Tunisia.
As it stands, Société Générale currently holds a 56% stake in its Ghanaian arm, followed by the Social Security and National Insurance Trust (SSNIT) with 19%, and another individual investor with about 7%. The remaining shares are distributed among other institutional entities. With the list of bidders in hand, the BoG will play a critical role in assessing the profiles of potential investors to ensure the stability and continuity of the bank’s services in Ghana.
Despite the ongoing review, Société Générale has assured its clients and partners of its commitment to maintaining robust operations in the country. The bank remains focused on enhancing its performance by exploring new partnerships and investment opportunities, all while keeping a watchful eye on global banking trends that may influence its strategy moving forward.
As the bidding process unfolds, all eyes are on who will emerge as the new key shareholders of Société Générale Ghana. Whether new investors from within Ghana or abroad step in, their role will shape the future direction of one of the country’s significant banking institutions.