Societe Generale Group is exiting Ghana after signing an agreement to sell its 60.22% stake in Societe Generale Ghana to Morocco-based Attijariwafa Bank and Ghana’s Social Security and National Insurance Trust (SSNIT).
The deal will see Attijariwafa Bank, a Pan-African banking group, acquire 55.22%, giving it majority control, while SSNIT picks up 5%.
Beyond the shareholding, Attijariwafa Bank will take over all activities operated by Societe Generale Ghana, including its client portfolios and employees, a full transfer rather than a partial stake sale.
This means Societe Generale Group is completely exiting its Ghanaian subsidiary, ending its ownership position in one of Ghana’s leading banks.
Attijariwafa Bank, on the other hand, will have a controlling foothold in Ghana’s banking sector, expanding its Pan-African footprint, and a strategic 5% stake in a major local bank goes to SSNIT.
The transaction is not yet final. It remains subject to customary conditions precedent and approval by relevant financial and regulatory authorities. Completion will depend on these approvals.
Societe Generale Ghana is one of the country’s leading banks, with 40 networked branches and outlets nationwide.
It serves retail and corporate clients and is known for pioneering reforms in factoring, finance lease, cash management, foreign exchange hedging, consumer credit loans and bill payments.
