Societe Generale Group has signed an agreement to divest its entire 60.22% stake in Societe Generale Ghana, marking its full exit from ownership of the Ghanaian subsidiary. The deal involves Pan-African banking group Attijariwafa Bank acquiring a 55.22% stake, with the Social Security and National Insurance Trust (SSNIT) taking up a further 5%. This transaction will see Attijariwafa Bank absorb all operations, client portfolios, and staff from Societe Generale Ghana.
Societe Generale Ghana operates 40 networked branches and outlets across Ghana, offering retail and corporate banking services. The bank has built a reputation for financial innovation, having introduced products such as factoring, finance leasing, cash management, foreign exchange hedging, consumer credit loans, and bill payment services to the Ghanaian market. With this acquisition, Attijariwafa Bank will expand its footprint in West Africa and add a well-established retail and corporate banking network in Ghana.
The agreement does not yet constitute a completed transaction, as both parties must first satisfy the standard conditions precedent. The deal remains subject to approval from the relevant financial and regulatory authorities in Ghana. The timeline for completion will depend on how quickly those clearances are obtained. Regulatory approval is a critical step in finalizing the acquisition.
For Societe Generale Group, the divestment represents a continuation of the broader restructuring of its African operations that the French lender has pursued in recent years. This move aligns with the group's strategic objectives to optimize its presence in Africa. The divestment will enable Societe Generale Group to focus on other markets.
Attijariwafa Bank's acquisition of Societe Generale Ghana's operations will enhance its presence in West Africa. The bank will assume control of all activities currently run by Societe Generale Ghana, covering client portfolios and the bank's existing workforce. This expansion will strengthen Attijariwafa Bank's position in the region.
The Social Security and National Insurance Trust (SSNIT) will acquire a 5% stake in Societe Generale Ghana as part of the deal. SSNIT's involvement will provide an additional boost to the bank's capital structure. The acquisition will have a positive impact on the Ghanaian banking sector.
The transaction is expected to be completed once regulatory approvals are obtained. Upon completion, Attijariwafa Bank will install a new strategic shareholder at the helm of one of Ghana's established commercial banks. The acquisition will bring new opportunities for growth and development in the Ghanaian banking sector.
Key points
- Societe Generale Group sells 60.22% stake in Societe Generale Ghana to Attijariwafa Bank and SSNIT.
- Attijariwafa Bank will acquire 55.22% stake, with SSNIT taking 5%.
- The deal is subject to regulatory approval from Ghanaian authorities.
