According to the Le Quotidien website, the recent announcement of the withdrawal of Société Générale from Africa, and particularly from Senegal, has sparked numerous discussions in political and economic circles. For some specialists, this decision represents an opportunity that the Senegalese state should seize. Indeed, transforming this bank into a tool serving the country's economic and political ambitions is seen as a strategic necessity.
The precedent of Bnp Paribas, whose assets had been bought by Sunu Bank, did not allow the State to take control of the financial levers. A situation that many want to avoid this time. Currently, despite its partial withdrawal, Société Générale in Senegal continues to strive to position itself in a very competitive financial market.
Finance experts propose that the State favors a takeover of Société Générale du Sénégal by the National Bank for Economic Development (Bnde). This would create a powerful financial group to steer the interests of the state. Senegal, which needs more than 18,493 billion CFA francs for the “National Transformation Agenda, Senegal 2050”, would benefit from such a tool to mobilize funds by minimizing the use of foreign debt.
A leading figure in the banking sector affirmed that such an institution could have avoided the State from difficulties like those encountered during the issuance of 30 billion Treasury bonds on the Brvm market. The State already has the Housing Bank (Bhs) for housing, the Agricultural Bank (Lba) for the agricultural sector, and the Bnde, which is supposed to finance SMEs. Adding an entity resulting from a possible takeover of Société Générale would seriously strengthen its financial structure.
If it is true that mobilizing 200 billion to acquire Société Générale is beyond the capacity of the State alone, a guarantee could be granted to Bnde to raise these funds on the regional financial market. This strategy has proven its effectiveness for other financial institutions in the region which have been able to make such acquisitions profitable.
However, the State should ensure that the takeover is not limited to the ownership of buildings and staff, but also involves maintaining the correspondent chains and customer portfolio, essential for the bank to maintain its prestige. Société Générale in Senegal benefits from a solid clientele, including French and Moroccan companies, whose possible departure could weaken the institution.
In conclusion, the State could take advantage of this restructuring to carry out projects such as the issuance of “Diaspora bonds”, by persuading Senegalese abroad to invest in Treasury bonds. However, this initiative requires cultivating financial investment, a practice still little anchored in Senegalese culture, but full of potential for the future.
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