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. 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 […]
Attijariwafa Bank of Africa has reached an agreement to purchase the majority stake of Société Générale Ghana from its parent company, Société Générale Group. The deal involves the transfer of 60.22% of Société Générale Ghana's shares from the French banking group to the Moroccan banking conglomerate. In exchange, Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian subsidiary, with the remaining 5% being held by the Social Security and National Insurance Trust (SSNIT).
This transaction will see Attijariwafa Bank assume full control over the operations, client portfolios, and workforce currently managed by Société Générale Ghana. However, the deal is contingent upon meeting certain preconditions and obtaining regulatory approval. This significant shift in ownership structure is expected to solidify Attijariwafa Bank's position as the leading majority shareholder in Société Générale Ghana upon the successful completion of the transaction.
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