Accra:The Bank of Ghana has granted approval for Morocco's Attijariwafa Bank to advance with its planned acquisition of Société Générale Ghana. This marks a significant step towards finalizing the transaction, positioning Attijariwafa Bank to become the largest shareholder in Société Générale Ghana upon securing the remaining approvals.
According to Ghana Web, the agreement entails Attijariwafa Bank acquiring a 55.22% stake in Société Générale Ghana, while the Social Security and National Insurance Trust (SSNIT) is set to acquire an additional 5% stake. Société Générale Group currently owns 60.22% of the Ghanaian bank and intends to sell its entire shareholding.
The Bank of Ghana's approval followed an assessment of Attijariwafa Bank's robust financial standing. The regulatory body also acknowledged the potential for increased competition in Ghana's banking sector with the entry of another major international bank. Shareholders, including those in Ghana, reportedly did not express concerns regarding the proposed acquisition.
Despite this progress, the transaction is not yet fully finalized. Société Générale Ghana, being listed on the Ghana Stock Exchange, still requires other regulatory approvals, including those from the Securities and Exchange Commission (SEC). Upon completion, Attijariwafa Bank will become the new majority shareholder, and SSNIT's stake will rise from 19.36% to 24.36%.
The deal anticipates maintaining Société Générale Ghana's current operations and workforce, with discussions underway to safeguard jobs and retain certain senior management roles for Ghanaians. Société Générale Ghana currently operates approximately 40 branches and outlets nationwide.
Société Générale Group announced on October 1, 2026, its agreement to sell its majority stake to Attijariwafa Bank and SSNIT, concluding over two decades of control following its initial major stake acquisition in SSB Bank in 2003. Once finalized, the deal will see Attijariwafa Bank assume the role of controlling shareholder, ending Société Générale's tenure as the majority owner in Ghana.