Omanghana
Société Générale Group has signed a definitive agreement to sell its entire 60.22 per cent controlling stake in Société Générale Ghana to Morocco’s Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT).
The deal, announced on October 1, 2026, would end the French banking group’s ownership interest in the Ghanaian lender, subject to regulatory approval.
Under the agreement, Attijariwafa Bank will acquire a 55.22 per cent majority stake, while SSNIT will purchase the remaining five percentage points of Société Générale Group’s shareholding.
The additional investment will increase SSNIT’s holding from 19.36 per cent to 24.36 per cent, strengthening the state pension fund’s position as a major shareholder in the bank.
Attijariwafa Bank is expected to assume control of the lender’s commercial banking operations, including its existing customer portfolio and workforce. The arrangement provides for continuity of the business under the proposed new ownership.
For Société Générale, the agreement marks a planned departure from Ghana after more than two decades of direct involvement in the country’s banking industry.
The transaction also reflects a broader shift in African banking, as some European financial groups reduce their presence and regional banking institutions expand into additional markets.
Attijariwafa Bank’s proposed majority holding would give it control of the Ghanaian operation, while SSNIT’s increased participation would preserve a substantial domestic institutional stake.
The financial value of the acquisition has not been publicly disclosed.
Completion remains subject to the required approvals from Ghana’s financial regulators, including the Bank of Ghana. Until those conditions are met and the transaction closes, the agreement represents a proposed ownership transfer rather than a completed sale.
Source: Omanghana
