Cameroon increases state banking stake via General Bank takeover

The Cameroon government has completed its takeover of Société Générale Cameroun, now renamed General Bank of Cameroon (GBC). By acquiring the 58.08% stake previously held by Société Générale Group, the state has increased its total interest in the bank to 83.68%. While the Finance Ministry stated the move aims to strengthen financial sovereignty and ensure deposit security, international financial institutions have expressed caution.

The African Development Bank (AfDB) identified the expansion of state involvement in the banking industry as a “major source of concern” in its 2026 Country Report. The AfDB warned that repeated public acquisitions and recapitalizations create fiscal and governance risks, noting the growing interdependence between public finances and bank balance sheets.

Similar concerns were raised by the International Monetary Fund (IMF) in a March 2026 report. The IMF noted that the government holds majority interests in eight institutions and warned that increasing state ownership raises operational and fiscal risks. The IMF has recommended the implementation of clear rules for the management and supervision of state-owned banks.