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Société Générale Group has agreed to sell its 60.22% stake in its Ghana unit to Attijariwafa Bank and the country’s state pension fund.
According to a Citi Newsroom report, the disclosure was contained in a statement by Société Générale Group to the Ghana Stock Exchange.
Under the agreement, Casablanca-based Attijariwafa Bank will acquire a 55.22% stake, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5%, bringing the total stake up for sale to 60.22%.
The transaction will see Attijariwafa Bank become the new majority shareholder and take over Société Générale Ghana’s operations, client portfolios and employees, subject to the required financial and regulatory approvals.
Attijariwafa Bank Buys Ghana Stake
The proposed transaction will transfer Société Générale Group’s controlling interest in Société Générale Ghana to two new shareholders. Attijariwafa Bank, a Moroccan pan-African banking group, will acquire the larger 55.22% portion, while SSNIT will acquire a further 5% stake.
- “Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5% stake,” the report read in part.
- Together, the two buyers will acquire the entire 60.22% stake currently held by Société Générale Group.
- Attijariwafa Bank will therefore become the majority shareholder in the Ghanaian bank, while SSNIT will increase its existing interest.
- Société Générale Group’s exit means the French banking group will no longer hold an ownership stake in Société Générale Ghana once the transaction is completed.
The proposed sale forms part of Société Générale Group’s decision to divest from the Ghanaian business and brings a new strategic shareholder into the bank.
Attijariwafa Bank will take over the activities currently operated by Société Générale Ghana, including its customer portfolios and employees.
Société Générale Ghana Changes Ownership
The transaction will involve a change in ownership of an existing banking operation rather than the creation of a new bank or the closure of the current business. The proposed sale, however, is not yet final and remains subject to the usual conditions and approval from the relevant financial and regulatory authorities.
- Société Générale Ghana currently operates a network of 40 branches and outlets.
- Attijariwafa Bank will become the majority shareholder once the required approvals are obtained.
- SSNIT will increase its existing interest through the acquisition of the additional 5% stake.
- The transaction will transfer Société Générale Ghana’s operations, client portfolios and employees to the new majority shareholder.
The change in ownership will therefore place an established banking network under new majority ownership, while the business continues operating subject to the applicable regulatory requirements.
Ghana Banking Sector Sees Ownership Changes
Changes in ownership have been a recurring feature of Ghana’s banking sector, with transactions involving both foreign investors and local institutions subject to regulatory approval.
- In November 2013, Nairametrics reported that FirstBank completed the acquisition of 100% of ICB Ghana as part of its wider acquisition of International Commercial Bank’s operations in Ghana, Sierra Leone, Guinea and The Gambia.
- In May, Cameroon acquired Société Générale’s 58.1% local unit stake, while Vista Group bought Société Générale Burkina Faso last year and a consortium led by Enko Capital took over the French lender’s Mauritanian business.
- Since 2022, Standard Chartered has exited several African markets, including Zimbabwe, Angola, Jordan, Lebanon, Zambia and Tanzania.
- In July 2018, Nairametrics reported that the Bank of Ghana annulled the acquisition of a 51% stake in Agriculture Development Bank by Belstar Capital, Starmount Development Company, SIC Financial Services and EDC Investments after finding that the deal had not received the required central bank approval.
What you should know
A more recent example involved Access Bank Ghana, where the ownership structure changed without the parent company giving up control of the subsidiary. Nairametrics reported on July 19, 2026, that Access Bank Plc sold 12.09 million shares, representing 7.44% of Access Bank Ghana, to pension funds, institutional investors and high-net-worth individuals.
The sale reduced Access Bank Plc’s holding from 93.40% to 85.96% after receiving regulatory clearance, including a no-objection from the Bank of Ghana. Unlike that transaction, the Société Générale deal involves the parent company disposing of its entire controlling interest in the subsidiary.
The proposed sale will therefore result in a full change of controlling ownership once the required approvals are secured, with Attijariwafa Bank taking the majority position and SSNIT increasing its existing interest.
