The Managing Director of Societe General PLC, Hakim Ouzzani, has indicated that the bank is in good standing and would be able to withstand the impact of a second round of Domestic Debt Exchange Programme (DDEP).

The bank recorded a marginal growth in 2022 despite the negative impact of the DDEP on the banking sector.

According to the Managing Director of Societe General, Ouzzani Hakim, the bank would put in place certain measures to ensure its continuous growth.

Societe Generale PLC increased its revenues in the year 2022 despite the negative impact of the DDEP on many banks. 

The bank also recorded a strong improvement in its cost to income ratio in the year under review.

In an interview with Joy Business, the MD said the bank will continue on this path to mitigate the impact of a second round of DDEP on its operations.

“For the first year, we had an exposure of ¢133 million and we have done the necessary in terms of determining the fair value and the provision. We don't have any further exposure for now, and so for the second DDEP, we don't expect any other impact on our activity for this year”, he said.

Mr. Ouzzani added that the depreciation of the cedi however negatively affected its clients and the general business environment.

The bank reiterated its commitment to developing the right products and solutions for its clients.