Moroccan Attijariwafa Bank Poised to Acquire Société Générale Ghana, Stakes 90%

The deal being negotiated between Société Générale Group of France and Attijariwafa Bank of Morocco involves selling the bulk of SG Ghana’s shares to the latter, effectively handing over ownership of the local bank as it exits West Africa's operations. Attijariwafa, whose roots trace back to 1904 through the merger of Banque Commerciale du Maroc and Wafabank, has grown into one of Morocco’s largest financial institutions with operations spanning 26 countries. The bank serves approximately 12 million clients across its global network, employing over 20,000 people and maintaining a strong footprint in key African markets such as Côte d’Ivoire, Senegal and Nigeria. This transaction marks the first major exit by Société Générale from the West African banking scene and introduces a Moroccan-backed entity into Ghana’s financial landscape. The move follows a three-year strategic review by Société Générale’s CEO, S.A. Pernaa, who stepped down after steering the exit from several international branches. Attijariwafa Bank emphasizes its diversified approach to retail, corporate and investment banking, positioning itself as a market leader in North Africa and expanding its regional influence through steady growth across the continent.