Société Générale Ghana is set for a major change in ownership after its parent company, Société Générale Group, agreed to sell its entire 60.22% stake in the Ghanaian bank.
Under the agreement announced on October 1, 2026, Morocco-based pan-African banking group Attijariwafa Bank will acquire a 55.22% stake, while Ghana’s Social Security and National Insurance Trust (SSNIT) will acquire the remaining 5% of Société Générale Group’s shareholding.
The transaction will mark the end of Société Générale Group’s direct ownership of its Ghanaian subsidiary once all the required conditions and regulatory approvals have been satisfied.
Following completion, Attijariwafa Bank is expected to become the new majority shareholder of Société Générale Ghana. The Moroccan banking group will also take over the activities currently operated by the Ghanaian bank, including its client portfolios and employees.
The proposed deal is, however, not yet fully completed. It remains subject to customary conditions precedent as well as approval from the relevant financial and regulatory authorities.
Until those requirements are fulfilled, Société Générale Ghana will continue operating under its existing ownership structure.
Société Générale Group currently holds 60.22% of the Ghanaian bank. SSNIT is already a significant shareholder, having held a 19.36% stake based on the bank’s reported shareholding structure. The additional 5% acquisition would increase SSNIT’s stake to 24.36% following completion.
Société Générale Ghana operates a network of about 40 branches and outlets across the country, serving both retail and corporate customers.
Over the years, the bank has introduced a range of financial products and services in Ghana, including factoring, finance leasing, cash management, foreign exchange hedging, consumer credit facilities and bill payment services.
The proposed acquisition would expand Attijariwafa Bank’s presence in Ghana and deepen its operations within the West African banking market.
The ownership change follows an earlier strategic review by Société Générale Group concerning its Ghanaian operations. The French banking group had been assessing the future of its local business before eventually reaching an agreement with Attijariwafa Bank and SSNIT.
For customers and employees of Société Générale Ghana, the transaction means the bank will move from French group ownership to a structure involving a major Moroccan banking group and Ghana’s national pension institution, subject to regulatory approval.
The completion date will depend on the fulfilment of the conditions attached to the transaction and the decisions of the relevant authorities.
Source: Thepressradio.com
