Société Générale Group Sells 60.22% Ghana Stake to Attijariwafa Bank and SSNIT

• Société Générale Group signed an agreement to divest its entire 60.22% stake in Société Générale Ghana
• Pan-African banking group Attijariwafa Bank will acquire a 55.22% stake, with SSNIT taking up a further 5%
• The deal will see Attijariwafa Bank absorb all operations, client portfolios and staff from Societe Generale Ghana

Société Générale Group has reached an agreement to sell its entire shareholding in Societe Generale Ghana, marking its full exit from ownership of the Ghanaian subsidiary.

Under the terms of the deal, the French banking group will transfer its 60.22% stake across two buyers.

Citi News reported that Pan-African banking group Attijariwafa Bank will take on 55.22% of shares, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional 5%.

Beyond the share transfer, Attijariwafa Bank will assume control of all activities currently run by Societe Generale Ghana, covering client portfolios and the bank's existing workforce. The transaction effectively installs a new strategic shareholder at the helm of one of Ghana's established commercial banks.

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Societe Generale Ghana operates 40 networked branches and outlets across the country, offering retail and corporate banking services.

The bank has built a reputation for financial innovation, having introduced products such as factoring, finance leasing, cash management, foreign exchange hedging, consumer credit loans and bill payment services to the Ghanaian market.

Regulatory Approval Still Required

The agreement does not yet constitute a completed transaction. Both parties must first satisfy the standard conditions precedent, and the deal remains subject to approval from the relevant financial and regulatory authorities in Ghana.

The timeline for completion will therefore depend on how quickly those clearances are obtained.

For Societe Generale Group, the divestment represents a continuation of the broader restructuring of its African operations that the French lender has pursued in recent years.

For Attijariwafa Bank, the acquisition would expand its footprint in West Africa and add a well-established retail and corporate banking network in Ghana.

Source: YEN.com.gh