Société Générale Group has reached an agreement with pan-African banking group Attijariwafa Bank for the sale of its majority stake in Société Générale Ghana.
Under the agreement, Société Générale Group will divest its entire 60.22% stake in the Ghanaian subsidiary. Attijariwafa Bank will acquire a 55.22% stake, while the Social Security and National Insurance Trust (SSNIT) will acquire the remaining 5%.
The transaction will see Attijariwafa Bank take over all activities currently operated by Société Générale Ghana, including the bank’s client portfolios and employees within the entity.
The proposed divestment remains subject to the fulfilment of customary conditions precedent and approval from the relevant financial and regulatory authorities.
Once the required approvals are secured, Attijariwafa Bank will become the new majority shareholder of Société Générale Ghana, marking a significant change in the ownership structure of the Ghanaian bank.
