The proposed change in ownership of Societe Generale Ghana is yet to receive regulatory approval, with banking operations continuing normally despite the planned exit of its majority shareholder, Societe Generale Group.
Under the agreement announced by the French banking group, its entire 60.22 per cent stake in Societe Generale Ghana will be transferred to Moroccan financial services group Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT).
Attijariwafa Bank is expected to acquire 55.22 per cent, while SSNIT will purchase an additional five per cent, increasing its existing interest in the bank to 24.36 per cent.
The transaction remains subject to approval by the Bank of Ghana and other relevant regulatory authorities, as well as the fulfilment of other conditions required to complete the deal.
Banking and Financial Analyst Dr Richmond Atuahene has consequently urged customers to remain calm, saying the proposed ownership change does not by itself affect the safety of their deposits or the bank’s ongoing operations.
“Customers should not panic at all. They are as safe as it was with SG and as it was with Social Security Bank. So customers should not get worried at all,” he said.
Branches of Societe Generale Ghana in Accra are continuing to provide banking services as normal, while the regulatory process for the proposed transaction is underway.
Dr Atuahene said the change could result in improvements in technology and service delivery if the incoming owners invest in modern banking systems.
He, however, noted that employees could face uncertainty if the new ownership eventually leads to restructuring, particularly given the bank’s workforce of about 500 employees across 40 branches.
Once all regulatory requirements are satisfied, Attijariwafa Bank is expected to assume responsibility for the bank’s activities, customer portfolios and employees.
Dr Atuahene also stressed the role of the Bank of Ghana in overseeing the transition and protecting the interests of customers while maintaining confidence in the banking sector.
Meanwhile, SSNIT has welcomed the transaction, saying the increase in its shareholding in Societe Generale Ghana would strengthen its investment position on behalf of Ghanaian workers and pensioners.
