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4 clusters · 20 sources · 23 days · First seen · Last updated

Societe Generale Ghana ownership transition

Overview

In mid-September 2026, Societe Generale Ghana PLC issued a clarification to the Ghana Stock Exchange regarding media reports suggesting that Bank of Africa and Access Bank were competing to acquire a majority stake in the institution. The bank stated these reports were “unverified” and did not originate from the bank or its parent group.

By early October 2026, a definitive ownership change was confirmed. Moroccan banking group Attijariwafa Bank, Morocco’s largest financial institution, has signed an agreement to acquire a majority stake in Societe Generale Ghana. The deal involves the transfer of 60.22% of the Ghanaian subsidiary's capital: Attijariwafa Bank will directly acquire 55.22%, while the Social Security and National Insurance Trust (SSNIT) will acquire the remaining 5% to increase its total shareholding from 19.36% to 24.36%.

This acquisition marks Attijariwafa Bank’s first entry into English-speaking sub-Saharan Africa and its first major banking acquisition in nearly a decade. The move is viewed as a strategic diversification to hedge against domestic market uncertainties in Morocco and to establish a foothold in Ghana’s growing economy. Attijariwafa Bank CEO Mohamed El Kettani stated that the move reflects the group’s confidence in Ghana’s economic prospects and aligns with its strategy to expand its universal banking model across the continent.

The transaction remains subject to customary regulatory and stock exchange approvals in both Morocco and Ghana. Once finalized, Attijariwafa Bank is expected to take over the existing operations, client portfolios, and staff of the Ghanaian subsidiary, which currently operates a network of 40 branches across 24 cities with over 500 employees. As of the end of 2025, Societe Generale Ghana reported a net banking income of 1.356 billion Ghanaian cedis and a net result of 397 million cedis.

Entities

Société Générale Ghana · Attijariwafa Bank · Mohamed El Kettani · Société Générale · Social Security and National Insurance Trust

Timeline

  1. [BUSINESS] 3 sources
    Attijariwafa Bank to acquire majority stake in Société Générale Ghana

    Morocco’s Attijariwafa Bank is acquiring a 60.22% stake in Société Générale Ghana, marking its first expansion into English-speaking sub-Saharan Africa.

  2. [BUSINESS] 6 sources
    Attijariwafa Bank to acquire majority stake in Société Générale Ghana

    Attijariwafa Bank has signed an agreement to acquire a 55.22% majority stake in Société Générale Ghana, expanding its footprint in Anglophone Africa.

  3. [BUSINESS] 13 sources
    Attijariwafa Bank to acquire majority stake in Société Générale Ghana

    Moroccan Attijariwafa Bank will acquire a 55.22% majority stake in Société Générale Ghana, while Ghana's SSNIT increases its holding to 24.36%, expanding Moroccan banking presence in West Africa.

  4. [BUSINESS] 2 sources
    Societe Generale Ghana denies takeover reports involving BOA and Access Bank

    Societe Generale Ghana has denied that reports of a takeover bid by Bank of Africa and Access Bank originated from the bank or its parent group, labeling the claims as unverified.

Sources

africtelegraph.com · al3omk.com · consonews.ma · economieducameroun.info · gbcghanaonline.com · ghanaguardian.com · lavoixdelacite.com · lebrief.ma · lemaroc360.com · lenew.ma · maroc-actu.com · maroc24.com · myjoyonline.com · mymoroccoobserver.com · northafricapost.com · norvanreports.com · techfocus24.com · theghanareport.com · thehighstreetjournal.com · thevaultznews.com

This summary has been updated 4 times: see revision history