Societe Generale Group agrees to sell Ghana subsidiary to Attijariwafa Bank
Société Générale Group has signed an agreement with pan-African banking group Attijariwafa Bank to sell its majority stake in Société Générale Ghana.
Société Générale Group has reached an agreement to transfer its majority ownership of Société Générale Ghana to Attijariwafa Bank. The deal involves Société Générale Group offloading its 60.22% stake in the Ghanaian subsidiary. In return, Attijariwafa Bank will gain control of 55.22% of the company, while the Social Security and National Insurance Trust (SSNIT) will secure the remaining 5%.
Once completed, Attijariwafa Bank will assume full responsibility for all operations currently managed by Société Générale Ghana. This includes the bank's client portfolios and workforce. However, the transaction is contingent upon meeting certain preconditions and receiving approvals from the relevant financial and regulatory authorities.
This agreement signifies a significant shift in the ownership landscape for Société Générale Ghana, as Attijariwafa Bank is poised to become the new majority shareholder upon successful regulatory clearance.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
