The Bank of Ghana has given a “No Objection” for Moroccan banking giant Attijariwafa Bank to take over Societe Generale Ghana.
The central bank’s clearance is a major step toward finalising the deal that will make the Moroccan group the majority shareholder of Societe Generale Ghana.
Sources close to the process say the BoG considered Attijariwafa’s financial strength, its ability to support big-ticket financing, and the impact of its entry on competition in the banking industry.
Attijariwafa Bank is one of Africa’s largest financial institutions, with operations across Africa, Europe and the Middle East. Its financial muscle is expected to boost capacity to finance large projects and support businesses in Ghana and the sub-region.
The regulator is also said to have assessed the competitive implications of the transaction on the commercial banking sector.
IIt is understood that no existing shareholders, including Ghanaian shareholders, objected to the takeover during the regulatory review.
More approvals needed
Despite the BoG clearance, the deal is yet to be fully completed. Societe Generale Ghana is listed on the Ghana Stock Exchange. It was listed in 1995 as Social Security Bank.
The change in ownership will therefore need approval from the Securities and Exchange Commission (SEC), particularly on share transfer and other listing requirements.
Completion of the remaining regulatory steps will clear the way for the takeover.Currently, Societe Generale Group holds a 60.22% controlling stake in Societe Generale Ghana.
Per the deal announced on October 1, 2026, Attijariwafa Bank will acquire 55.22% while the Social Security and National Insurance Trust (SSNIT) will take an additional 5%.
Once concluded, Attijariwafa will become the new majority owner and assume the bank’s operations, client portfolio and staff.
It is further understood that the negotiations included commitments to protect jobs at Societe Generale Ghana, with indications that some senior management roles will remain under Ghanaian leadership.
The new ownership is therefore expected to bring in a strategic majority shareholder while retaining existing operations and employees.
Societe Generale Ghana currently operates 40 branches and outlets nationwide. The transaction will also increase SSNIT’s stake in the bank. SSNIT currently holds 19.36% and will move to 24.36% after the additional 5% acquisition, making it a significant shareholder alongside Attijariwafa Bank.
Societe Generale Group announced on October 1, 2026, that it had agreed to sell its entire 60.22% stake in the Ghanaian subsidiary to Attijariwafa Bank.The deal remains subject to fulfilment of all conditions and outstanding regulatory approvals.
