Société Générale has officially provided the Bank of Ghana (BoG) with a complete list of individuals and entities interested in acquiring shares in its Ghana operations. This marks a significant step in meeting regulatory requirements as part of the bank’s ongoing strategic review in the country.
The submission of the share acquisition list is a key regulatory mandate, as Société Générale adjusts its ownership structure in Ghana to align with expectations from the BoG.
In May, the management of Société Générale Ghana announced the initiation of a strategic review of its operations in Ghana. This move followed reports that the French bank was considering an exit from the Ghanaian market after nearly two decades of operation. The bank engaged investment bank Lazard to identify potential buyers for its operations in Ghana, as well as in Cameroon and Tunisia.
In response, the Bank of Ghana, as the regulatory authority, requested a comprehensive list of potential buyers to ensure transparency and avoid unforeseen developments. According to the BoG, the process is now on track.
“As an update, we have been furnished with all the bidders of shares that are being disposed of. So the bidding process is still ongoing and hopefully when they decide on the preferred bidder, they will also let us know,” Central Bank Governor, Dr. Ernest Addison, said during the recent MPC press briefing in Accra.
Currently, Société Générale holds a 56% stake in its Ghana operations, while the Social Security and National Insurance Trust (SSNIT) owns 19%. An individual shareholder holds about 7%, with the remaining shares distributed among other entities. The identity of the bidders remains a topic of interest as the Bank of Ghana evaluates these potential shareholders.
Meanwhile, Société Générale has assured its customers that the bank is committed to forging strong partnerships and making strategic investments to boost its long-term performance and profitability.
