SOCIÉTÉ GÉNÉRALE : Bgfi Bank aims to acquire assets in Cameroon and Ghana
[abelainfo] - The leading banking group in Cemac and active in West Africa, Bgfi Bank, is among the potential buyers of Société Générale's operations in Ghana and Cameroon, just a few weeks after the announcement of the sale of these two subsidiaries of the red and black bank.
The wave of « financial liberation » shaking the African continent amid the retreat of French banks is whetting the appetite of African banks. « All the opportunities that Société Générale can offer are of interest to us. We are embarking on a new external growth strategy », says Bgfi Bank CEO Henri-Claude Oyima in an interview with Les Echos. The Gabonese bank is targeting its activities in Ghana and Cameroon, just after having managed to snatch the Congolese subsidiary.
Since June 2023, the French bank has conducted, under the impetus of its CEO Slawomir Krupa, a vast divestment program in Africa. After leaving Morocco, Société Générale has opened a « strategic review » on Ghana, and could leave Cameroon and Tunisia.
Before this announcement of the withdrawal from Ghana, Cameroon and Tunisia, the French bank recently (first half of April) signed two divestment contracts with the Saham group, subject to the approval of the competent authorities, with a view to divesting Société Générale Marocaine de Banques including its subsidiaries, and La Marocaine Vie.
This divestment of foreign banks from the African continent presents significant opportunities for local and regional banks in Africa, despite the challenges. Some banking groups with pan-African ambitions should eventually acquire enough size to compete with long-established institutions.
To recall, at the end of 2023, the outstanding loans granted by BGFIBank Cameroun to Cameroonian economic agents stood at 430 billion FCFA, according to data from the National Economic and Financial Council (CNEF). Compared to 2022, the Gabonese bank’s loan portfolio grew by 20 %. Thus capturing 7.9 % of the credit market share during the period under review. The bank has risen to the top 7 in Cameroon in terms of bank loans.
Sorelle Ninguem
