Attijariwafa Bank to acquire majority stake in Société Générale Ghana

Thursday 01 - 16:30

Attijariwafa Bank is set to strengthen its position in Ghana’s banking market after reaching an agreement to acquire a controlling interest in Société Générale Ghana, as part of a transaction that will also involve the country’s Social Security and National Insurance Trust (SSNIT).

Under the agreement, Société Générale will sell its entire 60.22% holding in its Ghanaian subsidiary. Attijariwafa Bank will acquire 55.22% of the stake, while SSNIT will purchase the remaining 5%.

The transaction will give the Moroccan banking group control of Société Générale Ghana and allow it to integrate the subsidiary’s operations into its wider business network. The deal remains subject to customary closing conditions, including approval from the relevant financial and regulatory authorities.

A strategic move in Ghana’s banking market

The planned acquisition represents a significant change in the ownership structure of Société Générale Ghana and brings Société Générale’s direct presence in the country to an end.

For Attijariwafa Bank, the operation expands its footprint in a major West African economy and adds an established local banking platform to its regional activities. The transaction is also expected to preserve continuity for customers and businesses served by the Ghanaian subsidiary while the ownership transition is completed.

Société Générale Ghana has developed a network of 40 branches and service points across the country. Its activities cover both retail customers and companies, giving the institution an established base from which its new majority shareholder can pursue its regional banking strategy.

A diversified portfolio of financial services

Beyond conventional banking operations, Société Générale Ghana has built expertise in several specialized financial services. Its offering includes factoring, leasing, cash management, foreign-exchange risk hedging and consumer credit.

These activities provide Attijariwafa Bank with an existing platform across several segments of the financial market. The Moroccan group will therefore inherit not only a branch network but also a portfolio of services aimed at meeting the financing and treasury needs of households and businesses.

Regulatory approval remains pending

The agreement does not immediately transfer control of Société Générale Ghana. Completion remains conditional on the fulfillment of the transaction’s customary requirements and on clearance from the competent financial and regulatory bodies.

Once those conditions are satisfied, Attijariwafa Bank is expected to become the majority shareholder, with SSNIT retaining a 5% interest in the institution.

The transaction will subsequently mark a new phase for Société Générale Ghana, placing the bank under the control of a major Moroccan financial group while giving SSNIT a minority position in the lender.