Ghana’s banking sector is set for a major ownership shift as Morocco-based Attijariwafa Bank moves to take control of Societe Generale Ghana following an agreement to acquire a majority stake in the Ghanaian bank.
The transaction will see Societe Generale Group exit its ownership position in Societe Generale Ghana after agreeing to sell its entire 60.22 percent stake in the subsidiary.
Under the agreement, Attijariwafa Bank will acquire 55.22 percent of the bank, while the Social Security and National Insurance Trust (SSNIT) will purchase a further five percent stake.
The deal will make Attijariwafa Bank the strategic shareholder of the Ghanaian lender, subject to approval by the relevant financial and regulatory authorities.
Beyond the change in shareholding, the transaction is expected to bring the operations of Societe Generale Ghana under a new strategic ownership, with Attijariwafa Bank taking over the bank’s client portfolios, employees and other activities.
The development marks the planned exit of Societe Generale Group from Ghana after its long-standing presence in the country and introduces another major African banking group into the local banking market.
The transaction, however, is not yet final, as it remains subject to the fulfilment of customary conditions and approvals from the appropriate regulatory and financial authorities.
Until those conditions are met, Societe Generale Ghana will continue to operate under its existing ownership structure.
Societe Generale Ghana currently operates a network of about 40 branches and outlets across the country, serving retail and corporate customers.
The bank provides banking products and services to individuals and businesses and has introduced a number of products in areas including factoring, finance leasing, cash management, foreign exchange hedging, consumer credit and bill payments.
The proposed acquisition will therefore give Attijariwafa Bank an established Ghanaian banking platform, including its existing branch network, workforce and customer base.
For SSNIT, the acquisition will also increase its direct ownership interest in the bank, adding to its investment portfolio.
The completion of the transaction will depend on the necessary regulatory and other approvals.
