Societe Generale Ghana Customers Urged to Stay Calm Amid Ownership Change to Attijariwafa Bank
- Banking analyst Dr Richmond Atuahene urged Societe Generale Ghana customers to stay calm following news of a major ownership shake-up
- Moroccan banking group Attijariwafa Bank agreed to acquire a 55.22% stake in the Ghanaian subsidiary, with SSNIT set to increase its own holding
- The deal still requires approval from the Bank of Ghana and other regulatory bodies before it can be concluded
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Customers of Societe Generale Ghana have been urged not to panic following the announcement that parent company Societe Generale Group has agreed to divest its entire stake in the Ghanaian subsidiary to Moroccan banking giant Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT).
Source: UGC
Banking and Financial Analyst Dr Richmond Atuahene moved quickly to reassure account holders, stressing that their funds remain secure throughout the transition period.
"Customers should not panic at all. They are as safe as it was with SG and as it was with Social Security Bank. So customers should not get worried at all," he said.
Citi Business News confirmed that day-to-day banking operations across Societe Generale's branches in Accra are continuing without disruption.
What the bank's ownership deal involves
Under the terms of the agreement, Societe Generale Group will transfer its full 60.22% stake in the Ghanaian subsidiary.
Attijariwafa Bank will take on 55.22% of those shares, with SSNIT absorbing the remaining 5%, which will lift its total stake in the bank to 24.36%.
Once regulatory conditions are met, Attijariwafa Bank is expected to assume full control of the bank's operations, client portfolios and workforce.
The deal is not yet finalised. Approval from the Bank of Ghana and other relevant authorities remains a prerequisite before any change in ownership takes effect.
SSNIT welcomed the development, saying the increased stake would strengthen its investment position on behalf of Ghanaian workers and pensioners.
Dr Atuahene acknowledged that while customers have little to worry about, employees at Societe Generale Ghana's roughly 40 branches and approximately 500-strong workforce could face uncertainty if the incoming owners opt to restructure.
He also noted that the acquisition could bring tangible improvements to service delivery, depending on the technology and systems Attijariwafa Bank introduces.
"If they should bring very good technology, you will see that they are now going to be more efficient in delivery," he said.
The analyst further emphasised that the Bank of Ghana holds ultimate responsibility for safeguarding depositors and ensuring the handover does not erode public confidence in Ghana's banking sector.
Société Générale Bank leaves Ghana
Earlier, YEN.com.gh reported that Société Générale Group has reached an agreement to sell its entire shareholding in Société Générale 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 the shares, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional 5%.
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Source: YEN.com.gh
