Morocco’s Attijariwafa Bank is set to acquire a controlling 55.22 per cent stake in Société Générale Ghana, in a deal that will see the French banking group exit the Ghanaian market after years of operations.
Under the proposed transaction, Attijariwafa Bank will acquire 55.22 per cent of the Ghanaian lender, while Ghana’s Social Security and National Insurance Trust (SSNIT) will purchase an additional five per cent stake from Société Générale Group.
The transactions will result in Société Générale Group divesting its entire 60.22 per cent holding in Société Générale Ghana, subject to regulatory approvals and completion of the deal.
The proposed acquisition represents a significant shift in ownership within Ghana’s banking sector and further underscores the growing expansion of African financial institutions beyond their home markets.
For Attijariwafa Bank, the deal would mark its entry into Ghana, strengthening its presence in Africa and giving the Moroccan banking group access to an established financial market with opportunities across corporate, retail and digital banking.
The acquisition also comes amid growing consolidation and cross-border investment within Africa’s financial services industry, with major African banking groups increasingly seeking opportunities in markets outside their traditional territories.
For Société Générale, the proposed sale forms part of its wider strategic repositioning and follows its decision to divest from several African markets as it reviews its international operations.
The change in ownership is expected to usher in a new phase for Société Générale Ghana, although details regarding the future strategic direction of the bank, its brand, workforce and operations under the proposed majority shareholder have yet to be disclosed.
The transaction is also significant beyond Ghana, reflecting the changing structure of African banking ownership, where institutions headquartered on the continent are playing an increasingly prominent role in cross-border acquisitions.
Once regulatory approvals are secured and the transaction is completed, Attijariwafa Bank will become the majority shareholder in the Ghanaian bank, setting the stage for a new chapter in its operations and ownership.
