Cameroon has officially completed its takeover of Société Générale Cameroun, marking the end of control by French banking group Société Générale and ushering in a new phase for one of the country’s major commercial banks.
The transfer was finalized on May 12 during a ceremony in Douala, with the Cameroonian government increasing its ownership stake in the bank to 83.68 percent.
Following the acquisition, Finance Minister Louis Paul Motazé announced that the institution would now operate under a new name: General Bank of Cameroon, or GBC.
The government purchased the 58.08% stake previously held by Société Générale as part of a broader agreement signed between both parties in July 2025. The acquisition was valued at approximately CFA129 billion, including taxes.
The transaction received regulatory clearance after the Central African Banking Commission, commonly known as COBAC, issued a non-objection ruling at the end of April 2026.
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Cameroonian authorities stressed that customers should not experience disruptions during the transition process and sought to reassure depositors, businesses and financial markets about the bank’s operational continuity.
“For customers, absolutely nothing changes,” said Gilbert Didier Edoa.
“Everything has been arranged to ensure the bank continues operating normally and that the transition remains fully managed by both parties. Software systems, IT infrastructure and all operational aspects will continue to be handled within that framework,” he added.
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The takeover comes amid a broader trend of restructuring and ownership changes involving international banking groups operating across Africa, where several European lenders have reassessed their presence in certain markets.
Although the Cameroonian state now holds a dominant stake in the bank, government officials have indicated that permanent public ownership is not the long-term objective.
Statements released by the Ministry of Finance when the transaction was first announced suggested the intervention was primarily intended to manage Société Générale’s exit from the country while protecting financial stability and preserving confidence in the banking system.
At the time, Motazé said the government’s role was designed to guarantee continuity of operations and safeguard the interests of customers, employees and business partners during the transition period.
The finance minister also stated that the government ultimately intends to open the bank’s capital to national and international strategic investors.
Analysts say the acquisition therefore appears to represent a transitional arrangement rather than a long-term expansion of state ownership in Cameroon’s banking sector.
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Banking sector observers note that international financial institutions, including the International Monetary Fund, have in recent years encouraged Cameroon to gradually reduce its direct involvement in commercial banks it previously helped stabilize.
Those institutions include Union Bank of Cameroon, NFC Bank and Commercial Bank of Cameroon.
The latest transaction therefore reflects a delicate balancing act between ensuring financial sector stability and limiting prolonged state participation in commercial banking activities.
For now, the government’s acquisition secures operational continuity at the newly renamed General Bank of Cameroon while authorities assess potential long-term investors capable of supporting the institution’s future growth.
Attention is already turning toward the bank’s eventual ownership structure, with analysts expecting Cameroon to seek strategic investors who can provide capital, technical expertise and regional banking experience as the institution transitions into its next phase under the GBC brand.
