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UPDATE: Bank’s Exit Reports Just Rumors, Says Société Générale Ghana MD

The rumors of a potential exit have been circulating in recent weeks, but the bank has yet to issue an official statement to confirm or deny the reports.

The Managing Director of Société Générale Ghana, Hakim Ouzzani, has declined to comment on rumors of a potential exit from the Ghanaian market.
“Some rumours have indeed taken root regarding SG Ghana. But it’s important to mention to all our stakeholders and our shareholders that the news item being circulated in the media was not issued by the group nor by SG Ghana”, he said while speaking at the 44th Annual General Meeting of Societe Generale Ghana in Accra which was monitored by The Accra Times.
He assured that the bank remains committed to its group strategy to strengthen its capital base since 2003 noting that “we don’t want to comment further,” he added.
The bank’s silence on the way forward has sparked concerns among employees who are eager for clarity on the situation. The rumors of a potential exit have been circulating in recent weeks, but the bank has yet to issue an official statement to confirm or deny the reports.
As one of the leading financial institutions in Ghana, Société Générale Ghana’s potential exit could have significant implications for the country’s banking sector and economy as a whole. The bank’s customers and partners will be eagerly awaiting a statement from the management to put their minds at ease.
For now, the bank’s silence only adds to the speculation and uncertainty surrounding their future in Ghana.
It will be recalled that The Accra Times broke the news on the possible departure of the bank just twenty years after entering. Alongside Ghana, the bank has also chosen to exit operations in two other African countries, namely Tunisia and Cameroon.
Sources close to the bank reveal that Société Générale has enlisted the services of investment bank Lazard to seek potential buyers for its operations in Ghana, Cameroon, and Tunisia.

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