It's official: Société Générale Cameroun (SGC) is now called General Bank of Cameroon (GBC). The Cameroonian State finalized the acquisition of 58.08% of SGC's capital on May 12, 2026, in Douala, bringing its total stake to 83.68%. The Minister of Finance, Louis Paul Motazé, announced the name change at the closing ceremony of the transaction.
This decision, driven by Société Générale's desire to refocus on other markets, led the Cameroonian State to exercise its pre-emptive right to ensure the continuity of the bank's activities and protect the interests of customers, partners and employees. According to authorities, this transition will occur without disruption to customers, with controlled management of IT systems and operations.
The completion of this transaction follows the approval of the Banking Commission of Central Africa (COBAC) in late April 2026. The transfer agreement between the State and Société Générale was signed on July 15, 2025, for an amount of 129 billion FCFA (approximately $230.5 million USD). Although the State is taking control of GBC, there are plans to open up the capital to other strategic national and international partners in the future.
Founded in 1963, the former Société Générale de Banques au Cameroun (SGBC) has become a pillar of the Cameroonian banking system. In the first quarter of 2026, the bank reported solid financial indicators, with 138 billion FCFA in net equity and a portfolio of 250,000 customers. The Cameroonian State intends to make GBC a "modern, competitive and inclusive" bank, capable of supporting the country's economic development.
