Société Générale sells 60.22% Ghana stake to Attijariwafa Bank, SSNIT

Société Générale Group has reached an agreement to sell its 60.22% stake in its Ghanaian subsidiary to Attijariwafa Bank and the country's state pension fund, SSNIT. The deal, as reported by Citi Newsroom, was disclosed in a statement to the Ghana Stock Exchange. Attijariwafa Bank, based in Casablanca, will acquire 55.22% of the stake, while SSNIT will take a further 5%, increasing their combined stake to 60.22%.

The remaining portion will be sold to Attijariwafa Bank, making them the new majority shareholders. The transaction will result in Société Générale Ghana's operations, client portfolios, and employees being taken over by the new majority shareholder, subject to obtaining the necessary financial and regulatory approvals. This move is part of Société Générale Group's plan to divest from the Ghanaian business and brings a new strategic shareholder into the bank.

The deal is expected to transfer the bank's controlling interest to the two new shareholders, Attijariwafa Bank and SSNIT. The proposed sale is still pending and must comply with the usual conditions and approval from relevant financial and regulatory authorities.