Attijariwafa Bank to Acquire Controlling 55.22% Stake in Société Générale Ghana

ACCRA — Moroccan banking group Attijariwafa Bank has entered into an agreement with Société Générale Group to acquire a controlling 55.22% stake in Société Générale Ghana. The transaction forms part of a joint buyout alongside Ghana's Social Security and National Insurance Trust (SSNIT), which will acquire the remaining 5% of Société Générale Group's total 60.22% holding in the Ghanaian subsidiary.

The financial terms and purchase price of the deal were not disclosed, and completion remains subject to customary regulatory approvals, including primary authorization from the Bank of Ghana.

Strategic Realignment and Ownership Structure

The agreement concludes a strategic review initiated by Société Générale in May 2024 regarding its West African operations. Under the terms of the acquisition, Attijariwafa Bank will take over the bank's existing operations, client portfolios, and employees as a going concern across its network of 40 branches and service outlets.

SSNIT's concurrent acquisition of a 5% stake ensures that an increased portion of the institutional lender remains under local Ghanaian ownership, alongside the remaining minority equity publicly traded on the Ghana Stock Exchange (GSE).

Financial Footprint and Target Assets

Société Générale Ghana represents one of the country's established commercial banking institutions, offering retail, corporate, and investment banking solutions. The bank holds total assets of GHS 9.7 billion (about $828 million) and shareholders' equity of GHS 2.6 billion (about $222 million).

For the preceding fiscal period, the subsidiary generated net banking income of GHS 1.356 billion (about $115.8 million) and net profit of GHS 397 million (about $33.9 million). As of late September 2026, Société Générale Ghana maintained a market capitalization of approximately GHS 3.9 billion (about $332.9 million) on the Ghana Stock Exchange.

Expansion into Anglophone West Africa

For Rabat-headquartered Attijariwafa Bank, Morocco's largest financial institution with total assets exceeding $71.7 billion and a market capitalization of $14.44 billion, the acquisition provides a major operational foothold in Anglophone West Africa.

The transaction aligns with the Moroccan group's long-term strategy to expand its universal banking model across strategic Sub-Saharan markets, reinforcing cross-border trade corridors between Francophone, Anglophone, and North African commercial hubs.

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