Attijariwafa Bank secures majority control of Societe Generale Ghana in landmark acquisition
Attijariwafa Bank will take over a 55.22% stake in Societe Generale Ghana after CGGC agreed to sell its shares to the Moroccan banking group.
The French multinational banking group Société Générale has formally agreed to sell its 60.22% shareholding in Societe Generale Ghana to Attijariwafa Bank of Morocco. Under the transaction, Attijariwafa will acquire a 55.22% stake directly from Société Générale Group. The remaining 5% of the Ghanaian subsidiary’s shares are set to be acquired by the Social Security and National Insurance Trust (SSNIT), Ghana’s state-owned pension fund. Once the deal closes, the Moroccan bank will assume full control of all operations, client accounts and staff embedded in the Ghanaian entity. Regulatory approvals and customary conditions precedent must still be satisfied before the transfer takes effect.
The proposed sale marks a significant shift in the ownership structure of the Ghanaian bank, which has been under the majority ownership of the French parent company for over a decade. SSNIT’s participation aligns with its mandate to invest in strategic national assets. The transaction comes after reports that Société Générale had initiated a strategic review of its West African footprint, though neither the French group nor Attijariwafa have indicated any intention to fully exit the country.
Industry analysts suggest the acquisition could deepen financial integration between West and North Africa, offering Attijariwafa a stronger foothold in Ghana’s growing retail and corporate banking space. The move follows regulatory scrutiny and previous attempts by other foreign banks to acquire local subsidiaries. Finalisation of the deal rests with Ghana’s financial sector regulator and the Bank of Ghana, which must confirm that the new ownership structure complies with local banking governance standards.
