Societe Generale Ready For Consolidation

Societe Generale Ghana says it is set to meet the new minimum capital requirement by September 2018 and also looking out for opportunities to merge with another bank.

Outgoing Managing Director of the bank, Sionle Yeo said, “Our Group, Societe Generale, is fully committed to meet this minimum capital and by end of September, we’ll be there.”

He said, “We are preparing to be part of a consolidation… should there be any opportunity that we deem good for us; so clearly, not only would we meet the minimum capital required on our own but also we are ready to be a player of a consolidation should we have any significant opportunity.”

Sionle Yeo said he shares in government’s vision of making the private sector engine of growth. He said the private sector needs financing from strong banks, hence, the need for banks to increase their financial capacity.

Mr Yeo also hinted of plans by his outfit to acquire another bank which is up for grabs.

He spoke to JoyBusiness at a Business Cocktail organized by Management of SG bank where the incoming Managing Director Hakim Ouzzani was introduced.

Meanwhile, the SG Africa and Head of AFMO of Societe Generale Group, Alexander Maymat, said SG Paris and SG Ghana have in the past decade financed quite a number of projects for Ghana in the various sectors of the economy to the tune of $653 million.

On his part, the incoming Managing Director of the bank, Hakim Ouzzani, said he is committed to helping the bank follow practices that promote efficient market penetration in order to increase the bank’s market share within the Ghanaian banking industry.

“We will strife to be hard to be cost-effective in our operations and ensure a speedy response to our clients’ financial needs, taking into consideration good risk management and control systems, good corporate governance and vigilance,” he added.

The outgoing SG Ghana MD, Sionle Yeo, will be Heading Societe Generale Group in the Eastern and Central Africa.