Société Générale submits share acquisition list to BoG; bidding ongoing

On October 2, 2024, 8:50 PM

Société Générale has provided the Bank of Ghana (BoG) with the full list of individuals and entities seeking to acquire shares in the Bank.

This is in fulfilment of requirements for the Bank’s strategic review of its operations in Ghana.

The submission of the share acquisition list to the Bank of Ghana is a key requirement as Societe General amends its ownership structure in Ghana in line with regulatory expectation.

Earlier in May, management of Société Générale Ghana said it has initiated a strategic review of its operations in Ghana.

This was after reports that the French bank was exiting Ghana after almost 20 years of operation. Management of the bank said it engaged investment bank Lazard to explore potential buyers for its operations in Ghana, Cameroon, and Tunisia.

It was on the back of this that, the Bank of Ghana as the regulator asked the Bank to submit a comprehensive list of bidders to avert any form of surprises.

But now, the Central Bank said, it has fully be furnished.

“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”, Dr. Ernest Addison, Governor of the Bank of Ghana said at a recent MPC press briefing in Accra.

Société Générale owns about 56% stake in its Ghana operations followed by SSNIT with 19%.

One individual owns about the 7% with remaining shares owned by other entities.  It will interesting to know who the bidders are.

But as the Bank of Ghana evaluates these prospective shareholders, Société Générale has assured its customers that it will undertake strong partnerships and other investments to enhance its long-term performance and profitability.