Societe Generale to exit Ghana as it agrees to sell its subsidiary to Attijariwafa

Moroccan banking group Attijariwafa Bank has agreed to acquire a controlling stake in Societe Generale Ghana as the French parent prepares to sell its entire holding in the locally listed bank.

Attijariwafa will buy 55.22 per cent, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional 5 per cent. Together, the purchases account for Societe Generale Group’s full 60.22 per cent interest.

The deal, announced through the Ghana Stock Exchange on Thursday, remains subject to regulatory and other required approvals in Ghana and Morocco. Neither the sale price nor a proposed completion date was disclosed.

Attijariwafa is expected to take over the bank’s operations, customer portfolios and employees. The agreement provides for a change in controlling ownership, with the existing banking business continuing.

Societe Generale Group will remain the controlling shareholder until the conditions for completion have been met. The announcement did not say whether the bank would retain its current name after the acquisition.

The proposed purchase forms part of Attijariwafa’s African expansion strategy and its effort to strengthen its presence in English-speaking markets.

The group, formed through the merger of Banque Commerciale du Maroc and Wafabank, is Morocco’s largest bank and among Africa’s biggest financial institutions by assets.

Its chair and chief executive, Mohamed El Kettani, said the agreement demonstrated confidence in Ghana’s development prospects and the quality of Societe Generale Ghana. He said the group’s experience of integrating acquired banks would support the institution’s growth for the benefit of customers, employees and partners.

Buying an established bank gives Attijariwafa access to an existing customer base, workforce, branch network and corporate relationships, avoiding the need to build those operations from scratch.

Societe Generale Ghana has 40 branches and outlets serving retail, small business and corporate customers. At the end of 2025, it employed more than 500 people and operated in 24 cities.

For that year, the bank reported net banking income of GH¢1.36 billion and net profit of GH¢397 million. Total assets stood at GH¢9.7 billion, with shareholders’ equity of GH¢2.6 billion.

Its market capitalisation was approximately GH¢3.9 billion on September 29, 2026. On that basis, the French group’s entire stake had an indicative stock-market value of about GH¢2.35 billion.

Attijariwafa’s proposed holding would have been worth roughly GH¢2.15 billion, while the additional stake earmarked for SSNIT had an indicative value of GH¢195 million.

Those figures are market-based estimates, rather than the agreed purchase price. The final consideration could reflect a premium for control, the assessment of assets and liabilities, and other negotiated terms.

The bank’s shares closed at GH¢5.18 on September 30, down GH¢0.32 during the trading session. Further disclosure of the transaction’s valuation will be of interest to investors assessing the proposed ownership change.

SSNIT’s purchase will increase its investment in the bank and expand domestic institutional ownership as the French shareholder exits. The announcement did not disclose the pension fund’s resulting total stake or what it would pay.

The fund’s participation could support continuity during the transition. It also brings questions about the investment’s commercial rationale, expected returns, board representation and safeguards for minority shareholders.

For customers, deposits, loans and existing banking relationships will remain with the institution during the approval process. Over time, a new parent could introduce changes to branding, technology, products, governance and cross-border services.

Attijariwafa’s wider African network could create opportunities in trade finance, payments and investment banking linking Ghana with North, West and Central Africa.

Employees will also be awaiting details of the integration plans. Although the agreement includes the workforce, changes to management structures, technology and reporting arrangements could follow. Maintaining customer service and retaining key staff will be important during the transition.

Ghanaian authorities will assess the proposed change of control, including the buyer’s suitability and financial strength, the bank’s governance and capital, and implications for financial stability.

The bank’s listed status also makes disclosure to minority shareholders a matter for the Securities and Exchange Commission and Ghana Stock Exchange. Moroccan regulators will consider the acquisition’s implications for Attijariwafa’s capital and overseas expansion.

The sale would end more than two decades of French control. Societe Generale acquired a 51 per cent interest in 2004, when the institution was known as Social Security Bank, before increasing its holding and rebranding the business.

If approved, the agreement will place the bank under an African controlling shareholder, with SSNIT holding a larger stake and the existing Ghanaian operating network continuing.