Attijariwafa Bank to acquire Société Générale's Ghana operations
French banking giant Société Générale has agreed to sell its Ghanaian subsidiary to Attijariwafa Bank of Morocco, ending its direct presence in the country after decades of operation.
The transaction involves the sale of Société Générale's majority stake in its Ghanaian subsidiary, which has been part of the French financial institution's operations since the 1980s. This move marks the complete exit of the European bank from Ghana's banking sector after a long-standing footprint in West Africa.
Attijariwafa Bank, a major financial institution headquartered in Casablanca, Morocco, has been expanding its footprint across Africa through strategic acquisitions. The sale agreement concludes a period during which Société Générale maintained significant operations in Ghana's financial market, though it had been gradually reducing its stake in recent years.
The deal reflects broader trends of regional banking consolidation, with North African institutions increasingly acquiring Western banks' African operations. Attijariwafa Bank already has a presence in several African markets and views Ghana's financial sector as a strategic addition to its portfolio.
The transaction is subject to regulatory approvals and is expected to close in the coming months, though no specific timeline has been provided. Once finalized, Attijariwafa Bank will assume full control of the subsidiary's operations and client portfolio.
