French bank Société Générale to exit three African countries amid shift towards high-growth markets
French banking giant Société Générale plans to exit operations in Ghana, Tunisia, and Cameroon to focus on faster-growing economies.
Société Générale has engaged the services of investment bank Lazard to explore potential buyers for its operations in these countries, according to the Accra Times.
South African multinational bank Absa has emerged as a serious contender for the acquisition of these subsidiaries.
This move follows recent agreements by Société Générale to divest its Moroccan operations to private investment company Saham Group indicating a broader realignment within the bank's African portfolio.
"This divestment project is part of the execution of Societe Generale's strategic roadmap presented in September 2023, targeting a streamlined, more synergetic and efficient business model, while strengthening the Group’s capital base," the bank said in a statement published on April 12.
The French bank had exited several African countries such as Congo, Equatorial Guinea, Mauritania, Burkina Faso, and Chad in 2023.
European banks like Barclays, Standard Chartered, BNP Paribas, and Societe Generale are reducing their presence in Africa, pointing to macroeconomic uncertainties and financial market tensions as key reasons for their retreat.
