Attijariwafa Bank is set to become the new strategic shareholder of Societe Generale Ghana following an agreement to acquire a majority stake in the Ghanaian bank from Societe Generale Group.
Under the transaction, the Moroccan-based Pan-African banking group will acquire a 55.22 per cent stake in Societe Generale Ghana, while the Social Security and National Insurance Trust (SSNIT) will purchase an additional 5 per cent stake.
The deal will see Societe Generale Group relinquish its entire 60.22 per cent shareholding in its Ghanaian subsidiary.
Attijariwafa Bank will also assume responsibility for the activities currently operated by Societe Generale Ghana, including its client portfolios and employees.
The transaction is expected to introduce a new strategic ownership structure for the Ghanaian bank, while bringing Societe Generale Group’s direct ownership of the subsidiary to an end.
However, the agreement is not yet final. Completion is subject to the fulfilment of customary conditions precedent as well as approvals from the relevant financial and regulatory authorities.
The necessary regulatory clearances will therefore determine when the change in ownership can formally take effect.
Societe Generale Ghana currently operates a network of 40 branches and outlets across the country, serving both retail and corporate customers.
The bank provides financial products and services to individuals and businesses and has been involved in the introduction of various banking solutions in Ghana, including factoring, finance leasing, cash management, foreign exchange hedging, consumer credit and bill payments.
The proposed acquisition marks another development in the restructuring of ownership within Ghana’s banking sector, with Attijariwafa Bank set to assume a controlling interest once the transaction receives all required approvals.
