Societe Generale to exit Ghana, other African countries

French banking giant Societe Generale has decided to exit the markets of Cameroon, Tunisia and Ghana as part of its move to focus capital in faster growing regions, it has announced.

According to sources, SG has mandated investment bank Lazard to find buyers for its operations in the three African countries.

Lazard will work closely with SG to identify potential purchasers and negotiate sale terms.

The exits come as the bank's new CEO Slawomir Krupa looks to more effectively allocate capital following his appointment in 2023.

In a strategic review, Krupa determined that SG needed to prioritize markets with stronger growth opportunities.

The withdrawals from Cameroon, Tunisia and Ghana expand on SG's African retreat that began in late 2023.

In December, the French lender offloaded its units in Burkina Faso and Mozambique.

It had previously announced plans to exit Congo, Mauritania, Equatorial Guinea and Chad.

The move reflects a wider European bank pullback from some African markets in recent years.

In 2023, British giant Barclays sold its remaining stake in South African lender Absa, keeping only an investment bank presence on the continent.

Fellow UK bank Standard Chartered said it would close up shop in Angola, Cameroon, Gambia, Sierra Leone and Zimbabwe to focus on faster growing regions.

Meanwhile, BNP Paribas has sold operations in countries like Gabon, Guinea, Senegal and Ivory Coast.