Economy

Gov’t takes over Cameroon branch of Societe General Bank.

Minister Motaze singing take over documents while representative of Societe General Group, Aymerick Vimebrin, looks on

The government of Cameroon has taken over the Cameroon branch of the Societe General Group of banks. The takeover was concluded in Yaounde, Tuesday. The representative of the Bank Group, Aymerick Vimebrin, and the Minister of Finance, Louis Paul Motaze, signed the take over documents.

The minister said it is over a one since Society General Group embarked on a project to streamline its operations in Africa by selling off and handing over some of its holdings.

The Cameroon operation, he said, happened to have fallen among those that the Bank Group wanted to sell away. He detailed that this was when negotiations on how to actualize the takeover actually kicked off between the bank and the government.

The minister said government took into consideration the volatile economic climate around the world, and foresaw that if the takeover was not carried out, it could cost the image of Cameroon a great deal.

He said the Cameroonian public and the international community considered the take over as a test of maturity that the government must pass; in order to maintain confidence in Cameroon´s financial environment, especially in the face of subregional and international regulators.

He detailed that particularly, regulators like the Central African Financial Markets Supervisory Commission, COSUMAF; the Central African Banking Commission, COBAC; and the Bank of Central African States, BEAC, contributed enormously, in terms of guidance and advice to make the takeover process sail through successfully.

Gov’t & Bank officials after take over signatures were appended

Change of name

Minister Motaze announced that after due consultation with economic operators, development partners and the general public, they decided that henceforth, the Societe General Cameroun bank will be called, “General Bank of Cameroon”.

Indicating that the government of Cameroon has decided to assume full responsibility to secure customers’ savings, and respect engagements taken with partners and other clients.

The minister assured all stakeholders that the two parties will observe a transition period, during which new hands will be groomed on the digital operations of the bank so as to guarantee smooth continuity in the delivery of services.

All that the minister said was corroborated by Aymerick Vimebrin, who represented the Societe General Group, who is mother to the sold affiliate branch.

This article was first published in The Guardian Post Edition No:3788 of Wednesday May 13, 2026