Cameroon officially completed its takeover of Société Générale Cameroun on May 12 in Douala, increasing the state’s ownership in the bank to 83.68% and marking the end of the French banking group’s control over the institution.
Following the acquisition, the bank was renamed General Bank of Cameroon, or GBC, Finance Minister Louis Paul Motazé announced.
The Cameroonian government purchased the 58.08% stake previously held by Société Générale as part of a broader transaction signed between the two parties in July 2025.
Officials stressed that customers should not experience disruptions during the transition.
“For customers, absolutely nothing changes,” said Gilbert Didier Edoa, secretary general at the Ministry of Finance. “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.”
The transaction moved forward after the Central African Banking Commission, known as COBAC, issued a non-objection ruling at the end of April 2026.
The acquisition agreement between the Cameroonian government and Société Générale was signed July 15, 2025, for CFA129 billion including taxes.
Government Signals Temporary Control
Despite the state takeover, officials have indicated that long-term public ownership is not the final goal.
Statements released by the Finance Ministry when the deal was first announced suggested the operation was designed primarily to manage Société Générale’s exit from Cameroon while preserving the bank’s stability.
At the time, Motazé said the government’s intervention aimed to guarantee continuity of operations and protect the interests of customers, employees and business partners.
The minister also said the government planned, “eventually,” to open the bank’s capital to other national and international strategic investors.
In other words, the state takeover appears to be part of a broader transition rather than a permanent expansion of public ownership in the banking sector.
That scenario appears increasingly likely as several banking sector observers say international financial partners, including the IMF, have encouraged Cameroon to gradually reduce its involvement in banks it previously helped stabilize.
Those institutions include Union Bank of Cameroon, NFC Bank and Commercial Bank of Cameroon.
For now, the government’s acquisition secures short-term operational continuity at the newly renamed GBC.
Behind the scenes, however, attention is already turning toward the bank’s future ownership structure and the search for potential new investors.
BRM
