Société Générale exits Ghana, sells 60.22% stake to Attijariwafa Bank and SSNIT
By Aboki Forex —
Société Générale Group has agreed to sell its 60.22% stake in Société Générale Ghana to Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT). The deal will make Casablanca-based Attijariwafa Bank the new majority shareholder of the Ghanaian bank, while SSNIT increases its existing interest.
The transaction is subject to financial and regulatory approvals. Société Générale Ghana currently operates a network of 40 branches and outlets. The sale will transfer Société Générale Ghana’s operations, client portfolios and employees to the new majority shareholder. The French banking group will no longer hold an ownership stake in the Ghanaian unit once the transaction is completed.
Attijariwafa takes 55.22%, SSNIT adds 5%
Under the agreement, Attijariwafa Bank will acquire a 55.22% stake, while SSNIT will acquire a further 5% stake. Together, the two buyers will take the entire 60.22% stake currently held by Société Générale Group. A statement said: “Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5% stake.”
The proposed sale will transfer Société Générale Group’s controlling interest in Société Générale Ghana to two new shareholders. Attijariwafa Bank, a Moroccan pan-African banking group, will become the majority shareholder. SSNIT will raise its stake in the bank. The transaction involves a change in ownership of an existing banking operation, not the creation of a new bank or the closure of the current business.
Ghana banking sector sees more ownership changes
Ownership changes have been a recurring feature of Ghana’s banking sector, with transactions involving both foreign investors and local institutions subject to regulatory approval. In November 2013, FirstBank completed the acquisition of 100% of ICB Ghana as part of its wider acquisition of International Commercial Bank’s operations in Ghana, Sierra Leone, Guinea and The Gambia.
In May, Cameroon acquired Société Générale’s 58.1% local unit stake. Vista Group bought Société Générale Burkina Faso last year. A consortium led by Enko Capital took over the French lender’s Mauritanian business. Since 2022, Standard Chartered has exited several African markets, including Zimbabwe, Angola, Jordan, Lebanon, Zambia and Tanzania.
In July 2018, the Bank of Ghana annulled the acquisition of a 51% stake in Agriculture Development Bank by Belstar Capital, Starmount Development Company, SIC Financial Services and EDC Investments after finding that the deal had not received the required central bank approval.
Access Bank Ghana case differs
A more recent example involved Access Bank Ghana, where the ownership structure changed without the parent company giving up control of the subsidiary. On July 19, 2026, Access Bank Plc sold 12.09 million shares, representing 7.44% of Access Bank Ghana, to pension funds, institutional investors and high-net-worth individuals.
The sale reduced Access Bank Plc’s holding from 93.40% to 85.96% after receiving regulatory clearance, including a no-objection from the Bank of Ghana. Unlike that transaction, the Société Générale deal involves the parent company disposing of its entire controlling interest in the subsidiary.
The proposed sale will result in a full change of controlling ownership once the required approvals are secured, with Attijariwafa Bank taking the majority position and SSNIT increasing its existing interest.