Customers of Societe Generale Ghana have been advised to remain calm and refrain from panic withdrawals following an agreement by Societe Generale Group to sell its entire stake in the Ghanaian bank. The transaction will see Moroccan banking giant Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT) acquire shares in the bank. However, the deal is still subject to approval by the Bank of Ghana and other relevant regulatory authorities.
Citi Business News can confirm that banking operations at Societe Generale branches in Accra continue to run normally. Banking and Financial Analyst, Dr. Richmond Atuahene, has assured customers that there is no immediate cause for concern over the proposed change in ownership.
“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. Dr. Atuahene said the change in ownership could potentially lead to improvements in technology and customer service, although he noted that employees may face some uncertainty if the new owners undertake a restructuring exercise.
“If they should bring a very good technology, you will see that they are now going to be more efficient in delivery,” he explained. He added, however, that employees could be more directly affected by any restructuring, noting that Societe Generale Ghana has approximately 500 employees operating across 40 branches.
Under the agreement, Societe Generale Group will divest its entire 60.22% stake in the Ghanaian subsidiary. Attijariwafa Bank is expected to acquire a 55.22% stake, while SSNIT will purchase an additional 5%, increasing its ownership in the bank to 24.36%.
Following the completion of the transaction and the receipt of all necessary regulatory approvals, Attijariwafa Bank will take over the bank’s operations, client portfolios and employees, subject to the fulfilment of other conditions precedent. Dr. Atuahene stressed that the Bank of Ghana has a key responsibility to safeguard customers and ensure that the ownership transition does not undermine confidence in Ghana’s banking sector.
Meanwhile, SSNIT has welcomed the transaction, saying the increase in its stake in Societe Generale Ghana will strengthen its investment portfolio and enhance its position in safeguarding the interests of Ghanaian workers and pensioners.
