Attijariwafa Bank, a Moroccan banking group, has signed an agreement to acquire 55.22% of Société Générale Ghana, a subsidiary of the French banking giant Société Générale. This acquisition marks the group's entry into the English-speaking West African market for the first time. The deal is subject to approval from regulatory authorities in Morocco and Ghana. The financial terms of the transaction have not been disclosed.
As part of the same transaction, the Ghanaian Social Security Fund will acquire 5% of Société Générale Ghana, bringing the combined stake of the two buyers to 60.22%. Société Générale Ghana is a universal bank with a strong presence in the country, employing over 500 people and operating 40 branches across 24 cities. The bank reported a net banking income of 1.356 billion cedis and a net profit of 397 million cedis at the end of 2025, with a total balance sheet of 9.7 billion cedis.
This acquisition is part of Société Générale's gradual withdrawal from several African markets, which began in 2023. Moroccan and pan-African groups have been the main buyers in this process. For Attijariwafa Bank, this deal complements its existing presence in French-speaking Africa and the Maghreb region. The group operates in 27 countries, employs around 22,000 people, and serves 12 million customers through over 8,000 points of sale.
The acquisition is seen as a strategic move by Attijariwafa Bank to expand its presence in West Africa. Ghana is the second-largest economy in West Africa after Nigeria and the largest gold producer on the continent. These characteristics make it an attractive market for trade finance and commodity financing. The acquisition is expected to enhance Attijariwafa Bank's capabilities in these areas.
Mohamed El Kettani, President and CEO of Attijariwafa Bank, has expressed confidence in Ghana's growth prospects and the bank's commitment to long-term support for the economies where it operates. He emphasized that the acquisition is based on the existing teams and structures of Société Générale Ghana. The deal is expected to strengthen Attijariwafa Bank's position in West Africa and provide new opportunities for growth.
The acquisition of Société Générale Ghana is a significant milestone for Attijariwafa Bank as it expands its footprint in English-speaking West Africa. The bank's presence in Ghana is expected to enhance its capabilities in trade finance and commodity financing. With this acquisition, Attijariwafa Bank is well-positioned to capitalize on Ghana's growth prospects and strengthen its position in the region.
The deal also highlights the growing interest of Moroccan and pan-African banking groups in expanding their presence in West Africa. Attijariwafa Bank's acquisition of Société Générale Ghana is a strategic move that is expected to drive growth and enhance the bank's capabilities in the region. The acquisition is subject to regulatory approvals and is expected to be completed in the near future.
Key points
- Attijariwafa Bank acquires 55.22% of Société Générale Ghana, marking its entry into the English-speaking West African market.
- The acquisition is part of Société Générale's gradual withdrawal from several African markets, which began in 2023.
- Ghana is the second-largest economy in West Africa after Nigeria and the largest gold producer on the continent, making it an attractive market for trade finance and commodity financing.
