- ABIDJAN, Ivory Coast: French bank Societe Generale says it is suspending its activities in Ivory Coast and closing all 47 of its branches due to the country’s deepening political crisis.
This brings to four the number of international banks that have closed their doors in recent days, including Britain’s Standard Chartered, France’s BICICI and Citibank.
Societe Generale which serves 230,000 clients in Ivory Coast said in a statement Thursday that the bank is no longer able to ensure a supply of cash to its branches.
Ivory Coast was plunged into crisis in December, after sitting president Laurent Gbagbo refused to accept election results showing that the opposition candidate had won.
The regional central bank ruled that Gbagbo’s signature was no longer valid and shut its Ivory Coast office, creating a ripple effect now being felt in private banks.