Societe Generale Group has signed an agreement with Attijariwafa Bank, a Pan-African banking group, for the sale of its subsidiary, Societe Generale Ghana. The deal involves the divestment of Societe Generale Group's entire 60.22% stake in Societe Generale Ghana. This move marks the exit of Societe Generale Group from its ownership position in the Ghanaian subsidiary.
Under the agreement, Attijariwafa Bank will acquire a 55.22% stake in Societe Generale Ghana, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5% stake. The transaction will result in Attijariwafa Bank taking over all activities operated by Societe Generale Ghana, including its client portfolios and employees. This development is expected to bring a new strategic shareholder into the bank.
Societe Generale Ghana Plc is one of the leading banks in Ghana, with 40 networked branches and outlets across the country. The bank provides retail and corporate clients with dedicated innovative products and services aimed at satisfying and anticipating customers' needs. The bank is recognized for supporting individuals and businesses of various sizes and backgrounds to achieve their full potential.
The bank is a subsidiary of the Societe Generale Group, which has been the majority shareholder with 60.22 percent of the bank's total shareholding. The completion of the transaction will depend on the necessary regulatory and other approvals. The proposed divestment remains subject to the fulfilment of the usual conditions precedent and approval by the relevant financial and regulatory authorities.
Attijariwafa Bank is a Pan-African banking group that operates in several countries across Africa. The bank has a strong presence in the region and is known for its innovative products and services. The acquisition of Societe Generale Ghana is expected to expand Attijariwafa Bank's presence in the Ghanaian market.
Societe Generale Ghana has been a major player in the Ghanaian banking industry, spearheading key reforms such as factoring, finance lease, cash management, foreign exchange hedging, consumer credit loan, and bill payments. The bank's exit from Ghana is expected to have a significant impact on the country's banking sector.
The transaction is expected to be completed once all regulatory and other approvals have been obtained. The deal will bring a new era for Societe Generale Ghana, with Attijariwafa Bank and SSNIT as the new strategic shareholders. The development is expected to have a positive impact on 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, while SSNIT will acquire 5% stake in Societe Generale Ghana.
- The transaction is subject to regulatory approvals and is expected to be completed once all conditions have been met.
