Société Générale has provided the Bank of Ghana (BoG) with a complete list of individuals and entities interested in acquiring shares in the bank, as part of its strategic review of operations in the country. This move aligns with regulatory requirements as the bank adjusts its ownership structure in Ghana.
The submission of the list follows Société Générale Ghana’s earlier announcement in May that it had initiated a strategic review of its operations, amidst reports of a potential exit from Ghana after nearly 20 years. The bank had engaged investment bank Lazard to explore potential buyers for its operations in Ghana, Cameroon, and Tunisia.
In response, the Bank of Ghana requested a comprehensive list of bidders to ensure transparency in the process and to avoid any unforeseen surprises. The Central Bank has now confirmed that it has received the full list of interested parties.
“At present, we have been provided with all the bidders for the shares being sold. The bidding process is ongoing, and once they decide on the preferred bidder, we will be informed,” stated Dr. Ernest Addison, Governor of the Bank of Ghana, during a recent Monetary Policy Committee press briefing in Accra.
Société Générale currently holds a 56% stake in its Ghana operations, followed by SSNIT with 19%. An individual shareholder owns about 7%, with the remaining shares held by various entities. The identities of the bidders remain undisclosed, but as the Bank of Ghana evaluates these prospective shareholders, Société Générale has reassured its customers that it will seek strong partnerships and make further investments to strengthen its long-term performance and profitability.