Société Générale Group has signed an agreement with Attijariwafa Bank, a leading Moroccan international financial services group headquartered in Casablanca, to sell its majority stake in Société Générale Ghana.
Under the agreement, Société Générale Group will divest its entire 60.22% stake in the Ghanaian subsidiary.
Attijariwafa Bank will acquire a 55.22% stake, while the Social Security and National Insurance Trust (SSNIT) will acquire the remaining 5%.
The transaction will result in Attijariwafa Bank taking over all activities currently operated by Société Générale Ghana.
It will also take over the bank’s client portfolios and employees within the entity.
The proposed divestment remains subject to the fulfilment of customary conditions precedent and approval by the relevant financial and regulatory authorities.
The agreement marks a major change in the ownership structure of Société Générale Ghana, with Attijariwafa Bank set to become the new majority shareholder once the transaction receives the required regulatory approvals.
Instructively, Attijariwafa Bank was formed by merging Banque Commerciale du Maroc and Wafabank, creating one of the country’s largest financial institutions.
