Societe Generale to Exit Ghana as Attijariwafa Bank and SSNIT Acquire Stake

Societe Generale Group has reached an agreement to sell its entire 60.22% stake in Societe Generale Ghana to pan-African banking group Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT).

Under the agreement, Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while SSNIT will acquire an additional 5% stake.

The transaction will mark the exit of Societe Generale Group from its ownership position in Societe Generale Ghana and introduce Attijariwafa Bank as the new strategic shareholder.

Attijariwafa Bank will take over the activities currently operated by Societe Generale Ghana, including its customer portfolios and employees, as part of the transaction.

However, the proposed sale is still subject to the fulfilment of customary conditions and approval from the relevant financial and regulatory authorities. Completion will therefore depend on the necessary approvals being obtained.

Societe Generale Ghana is listed on the Ghana Stock Exchange and continues to publish its financial reports through its investor relations platform.

The bank has operated in Ghana for decades, tracing its history in the country to the former Social Security Bank, which was originally owned by SSNIT before subsequent changes in ownership and structure.

The agreement represents a significant change in the ownership structure of one of Ghana’s established commercial banks, although the transaction will not be completed until the required regulatory and other conditions have been satisfied.