This French giant will leave Africa in view of its declining figures.
The Société Générale (SG) bank, since that is what it is about, could pack up and leave the African continent.
According to information gleaned from several media outlets, the French group’s results are down in the first quarter.
Also, it would have put three of its African subsidiaries up for sale. The withdrawal from the continent seems to be confirmed.
This projected withdrawal is not a surprise. In a context of restructuring its activities, the French bank which now communicates using the initials SG has hired the Lazard bank to put its subsidiaries in Cameroon, Tunisia and Ghana up for sale according to the media La Lettre.
Disposals which contribute to the group’s refocusing on businesses and geographies with the greatest potential. This strategy was presented in September 2023 by its boss Slawomir Krupa.
Concern in Abidjan
Exit Africa and its regulatory constraints. Sales began last year, even before the new roadmap was formalized, with departures from Congo and Chad, before continuing with the announcement of several other sales.
In Morocco, the French bank reached an agreement with the Saham group, owned by former minister Moulay Hafid Elalamy.
Sales, often poorly received in countries where the French bank is a solid institution. If a withdrawal from Ivory Coast is not officially mentioned, it is already worrying Abidjan according to Jeune Afrique, which recalls that Société Générale plays a key role in numerous projects carried out by the Ivorian State.
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