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Societe Generale Ghana ownership transition

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-04 14:24 UTC → 2026-10-06 10:45 UTC · added removed

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 announced. confirmed. Moroccan banking group Attijariwafa Bank reached Bank, Morocco’s largest financial institution, has signed an agreement to acquire a 55.22% controlling stake, as the French group majority stake in Societe Generale divests its entire Ghana. The deal involves the transfer of 60.22% interest. This acquisition is intended to facilitate Attijariwafa Bank’s expansion into of the English-speaking West African market, diversifying its presence beyond Francophone regions. Additionally, 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 transaction, which includes 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 transfer of employees move reflects the group’s confidence in Ghana’s economic prospects and client portfolios, aligns with its strategy to expand its universal banking model across the continent. The transaction remains subject to customary regulatory and market 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. 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. 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.

Versions

  1. 2026-10-06 10:45 UTC Societe Generale Ghana ownership transition
  2. 2026-10-04 14:24 UTC Societe Generale Ghana ownership transition
  3. 2026-10-04 08:58 UTC Societe Generale Ghana ownership transition
  4. 2026-10-03 10:22 UTC Societe Generale Ghana ownership transition
  5. 2026-10-02 14:19 UTC Societe Generale Ghana ownership transition

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