Attijariwafa Bank and SSNIT to Acquire Societe Generale’s Majority Stake in SG Ghana

Societe Generale Group has officially signed an agreement to divest its 60.22% controlling interest in Societe Generale Ghana, marking the French multinational's exit from the Ghanaian banking market. The majority stake is being split between the Morocco-based Attijariwafa Bank and Ghana's Social Security and National Insurance Trust (SSNIT). Under the terms of the agreement, Attijariwafa Bank will acquire 55.22% of the shares to become the new majority owner, while SSNIT has secured an additional 5% stake, increasing its total holding in the bank from 19.36% to 24.36%.

The entry of Attijariwafa Bank represents a significant shift in the local financial landscape as a major Pan-African institution takes the helm. Based in Morocco and with a history dating back to 1904, Attijariwafa Bank serves approximately 12 million clients across 26 countries. This acquisition is a strategic move to expand its footprint in West Africa and establish itself as a dominant financial force on the continent. The transition will involve a full takeover of Societe Generale Ghana’s operations, including its network of 40 branches, its diverse client portfolios, and its current workforce.

For SSNIT, the increased shareholding is intended to safeguard the retirement assets of Ghanaian workers and pensioners while strengthening local participation in the banking sector. The Trust has noted that this investment will enhance its position within a stable financial institution and generate long-term growth opportunities for its stakeholders. SSNIT officials acknowledged the support of the Government of Ghana and the Minister for Finance in facilitating the transaction, emphasizing that the move aligns with the broader goal of protecting national pension interests.

The completion of the sale is currently pending necessary regulatory approvals from the Bank of Ghana and the Securities and Exchange Commission (SEC). While Societe Generale concludes its tenure in the country, the incoming majority shareholders have committed to maintaining the innovative banking services the institution is known for. This divestment follows a broader trend of European financial groups restructuring their African portfolios, opening the door for increased intra-African investment and ownership in the region's banking industry.