Attijariwafa bank, a Moroccan banking group, has signed an agreement to acquire a 55.22% stake in Société Générale Ghana, a Ghanaian universal bank. The acquisition is part of Attijariwafa bank's strategy to expand its presence in Africa, particularly in English-speaking countries. The deal, worth an undisclosed amount, is subject to regulatory and stock exchange approvals from Moroccan and Ghanaian authorities.
Société Générale Ghana, based in Accra, operates a network of 40 branches across 24 cities, employing over 500 people. As of December 31, 2025, the bank reported a net banking income of 1.356 billion GHS, a net profit of 397 million GHS, and a total balance sheet of 9.7 billion GHS. The bank is listed on the Accra Stock Exchange with a market capitalization of 3.9 billion GHS as of September 29, 2026.
The acquisition is a strategic move by Attijariwafa bank to strengthen its foothold in Africa. According to Mohamed El Kettani, CEO of Attijariwafa bank, the deal reflects the bank's confidence in Ghana's growth prospects and Société Générale Ghana's quality. El Kettani emphasized that the bank's expertise in integrating acquired banks will ensure Société Générale Ghana's continued growth, benefiting its clients, employees, and partners.
The acquisition was made in partnership with Social Security and National Insurance Trust (SSNIT), a Ghanaian institutional investor, which will hold a 5% stake in Société Générale Ghana. El Kettani highlighted the importance of SSNIT's involvement, citing its prestige and deep roots in the Ghanaian market. The partnership aims to support Société Générale Ghana's development, contribute to Ghana's economic financing, and enhance economic exchanges between Ghana, Morocco, and other countries where Attijariwafa bank operates.
With this acquisition, Attijariwafa bank expands its presence in English-speaking Africa, further deploying its universal banking model on the continent. The bank's strategy focuses on partnering with established institutions, as seen in this deal with SSNIT. Société Générale Ghana's strong market presence and talented team will drive growth under Attijariwafa bank's ownership.
The deal demonstrates Attijariwafa bank's commitment to long-term engagement with Ghana's economy. El Kettani expressed his ambition to accompany Société Générale Ghana's sustainable development, leveraging the bank's integration expertise. The acquisition is expected to foster economic cooperation between Ghana and Morocco, as well as other countries in the region.
The transaction is subject to regulatory approvals, and upon completion, Attijariwafa bank will assume control of Société Générale Ghana. The acquisition marks a significant milestone in Attijariwafa bank's African expansion, solidifying its position in the region. Key details of the deal, including the acquisition price, were not disclosed.
Key points
- Attijariwafa bank acquires 55.22% stake in Société Générale Ghana
- The acquisition is part of Attijariwafa bank's strategy to expand in Africa
- Société Générale Ghana operates 40 branches across 24 cities in Ghana
