In the early 2000s, Africa attracted a large number of players from the Western financial community. And with good reason: the continent seemed full of promise, buoyed by booming demographics, a growing middle class, and rising growth rates. Société Générale, in particular, had captured this high-potential market.
A long-standing player on the continent, Société Générale has been very active since 2015. Indeed, thanks to its historical roots and strong geographical network across the region, the group chose to make Africa its priority, establishing a presence in 18 countries and creating a network of 1,000 branches, driven by its ambition to contribute ever more to the financing of the African economy. To further its development, Société Générale also seized opportunities related to digital technology by launching its YUP mobile money service.
But the tide has turned: many Western banks, still reeling from the 2008 crisis, the pandemic, and recent geopolitical conflicts, have chosen to scale back their operations in Africa.
Following in the footsteps of BNP Paribas, which has scaled back its operations in a number of African countries, Société Générale is also accelerating its departure. According to recent rumors, the world's 17th largest bank is expected to sell its subsidiary in Morocco soon. This sale adds to a long list that began in Congo and continued in Mauritania, Equatorial Guinea, Chad, Mozambique, and Burkina Faso.
To be continued…