Societe Generale Group has entered into an agreement with Attijariwafa Bank, a leading Pan-African banking group, for the sale of its subsidiary, Societe Generale Ghana Plc. Under the agreement, Societe Generale Group will divest its entire 60.22% shareholding in the Ghanaian bank. Attijariwafa Bank is expected to acquire a 55.22% stake, while the Social Security and National Insurance Trust (SSNIT) will purchase the remaining 5%.
Following the completion of the transaction, Attijariwafa Bank will assume control of Societe Generale Ghana’s operations, including its customer portfolios and workforce. The deal will mark Societe Generale Group’s exit from the Ghanaian banking subsidiary and introduce Attijariwafa Bank as the institution’s new strategic shareholder. However, the proposed transaction remains subject to the fulfilment of customary conditions and approval from the relevant financial and regulatory authorities.
Societe Generale Ghana is recognised for providing banking solutions to individuals and businesses across various sectors and sizes. The bank has also been at the forefront of innovation in Ghana’s banking industry, introducing services and products such as factoring, finance leasing, cash management, foreign exchange hedging, consumer credit and bill payment solutions.
As a subsidiary of Societe Generale Group, the Ghanaian bank currently has 60.22% of its total shares held by the parent company. Completion of the proposed sale will therefore depend on obtaining all necessary regulatory and other approvals.
Societe Generale Ghana operates a network of 40 branches and outlets across the country, serving both retail and corporate customers with a range of products and services designed to meet their evolving financial needs.
