The Cameroonian government has completed the acquisition of French banking giant Société Générale’s majority stake in its local subsidiary, marking one of the biggest state-led banking takeovers in Central Africa in recent years.
- Cameroon has completed the purchase of Société Générale’s majority stake in its local banking subsidiary.
- The government now controls 83.68% of the lender, which has been renamed General Bank of Cameroon.
- Officials said the move was aimed at protecting financial stability and ensuring uninterrupted banking services.
- The deal reflects a wider trend of African governments and investors taking over assets from retreating European firms.
Under the agreement, Cameroon purchased the 58.08% stake previously owned by Société Générale, increasing the government’s total ownership in the lender to 83.68%.
The transaction was formally concluded on May 12, 2026, during an official event chaired by Cameroon’s Finance Minister, Louis Paul Motaze, alongside Minister Delegate to the Ministry of Economy Paul Tasong and representatives of the Société Générale Group.
Following the takeover, the bank has been renamed General Bank of Cameroon.
Cameroon’s Finance Ministry said the new identity reflected plans to build “a modern, competitive and inclusive bank” that would support the country’s economic development goals.
Officials also said the transition was designed to protect financial stability, maintain customer confidence and ensure uninterrupted banking services.
The acquisition agreement was signed on July 15, 2025, at a cost of CFA129 billion, including taxes, equivalent to about $230.8 million based on current exchange rates.
The deal makes the Cameroonian government the dominant shareholder in the country’s second-largest bank, while insurance group SanlamAllianz retains a 16.32% stake.
Authorities, however, suggested the state’s control may not be permanent. Government officials described the arrangement as a transitional step meant to support Société Générale’s withdrawal while creating room for new strategic investors in the future.
The move comes as several European banks continue to reduce their exposure to African markets amid tighter global regulations, rising operational costs and shifting strategic priorities.
In recent years, lenders such as Standard Chartered and BNP Paribas have scaled back operations across parts of Africa, while local investors and governments have increasingly stepped in to acquire assets.
Société Générale itself has been gradually exiting some African markets. The French lender has sold subsidiaries in countries including Congo, Chad, Equatorial Guinea and Mauritania as part of efforts to streamline operations and focus on core markets.
For Cameroon, the acquisition further strengthens state influence in the financial sector. The government already holds significant stakes in other lenders, including Union Bank of Cameroon, NFC Bank and Commercial Bank of Cameroon.
Analysts say the success of the transition will depend on whether the government can improve efficiency, attract fresh investment and maintain confidence in a banking sector that plays a critical role in financing businesses and economic activity in Central Africa.
