Grace Zigah
Societe Generale Group is set to exit the Ghanaian banking market after reaching an agreement to sell its entire 60.22 per cent stake in Societe Generale Ghana- SG Plc to Morocco-based pan-African banking group Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT).
Under the transaction announced on October 1, 2026, Attijariwafa Bank will acquire a controlling 55.22 per cent stake in Societe Generale Ghana, while SSNIT will purchase an additional five per cent stake.
The agreement will bring an end to Societe Generale Group’s ownership position in its Ghanaian subsidiary and introduce Attijariwafa Bank as the new strategic shareholder of the local bank.
The transaction, however, is not yet final. Its completion is subject to the fulfilment of customary conditions precedent as well as approval from the relevant financial and regulatory authorities.
Once the transaction is completed, Attijariwafa Bank is expected to take over the operations currently conducted by Societe Generale Ghana, including its existing customer portfolios and employees.
The development marks a significant change in the ownership structure of one of Ghana’s established banking institutions, which has built a presence in the country through its retail and corporate banking operations.
SG’s Ghana operations
Societe Generale Ghana Plc has operated as a subsidiary of Societe Generale Group, which currently holds 60.22 per cent of the bank’s total shareholding.
The bank has developed a network of 40 branches and outlets across Ghana, serving both individual and corporate customers.
Its operations have focused on providing banking products and services to businesses and individuals of different sizes and backgrounds, with an emphasis on financial solutions designed to meet customers’ evolving needs.
Over the years, the bank has also introduced a number of banking and financial products, including factoring, finance leasing, cash management, foreign exchange hedging, consumer credit loans and bill payment services.
The institution has positioned these products as part of its efforts to support individuals and businesses while expanding access to different forms of financial services.
Attijariwafa Bank becomes strategic shareholder
The entry of Attijariwafa Bank will give the Ghanaian institution a new majority shareholder once all regulatory requirements have been satisfied.
Attijariwafa Bank is a pan-African banking group, and its acquisition of the 55.22 per cent stake will give it control of the Ghanaian bank’s operations.
SSNIT, an existing institutional shareholder meanwhile, will acquire five per cent of the SG Ghana, giving the Ghanaian pension fund a significant shareholding in the bank.
The structure of the proposed transaction means that Societe Generale Group will fully withdraw from its ownership position, while the existing operations, customers and employees of Societe Generale Ghana are expected to transition to the new ownership.
The agreement therefore represents an important ownership transition rather than an immediate closure or termination of the bank’s operations.
Regulatory approval still required
Despite the agreement between the parties, the change in ownership will only be completed after the necessary regulatory and other approvals have been obtained.
The transaction remains subject to the usual conditions precedent, meaning the parties must satisfy the requirements attached to the agreement before the deal can formally close.
Until those conditions and approvals are fulfilled, Societe Generale Ghana remains under its existing ownership structure.
The completion of the transaction will subsequently pave the way for Attijariwafa Bank to assume its new role as the strategic shareholder of the Ghanaian bank.
The proposed takeover thus sets the stage for a new chapter for Societe Generale Ghana, with Societe Generale Group preparing to leave the Ghanaian market after years of operating through its local subsidiary, while Attijariwafa Bank prepares to assume majority ownership alongside SSNIT.
