BoG clears Attijariwafa Bank’s takeover of Société Générale Ghana

The Bank of Ghana (BoG) has given its approval, issuing a "No Objection" to the proposed takeover of Société Générale Ghana by Moroccan banking group Attijariwafa Bank. This regulatory approval is a crucial step towards finalizing the transaction, which will make Attijariwafa Bank the majority shareholder of Société Générale Ghana.

The BoG's decision was influenced by factors such as Attijariwafa Bank's strong financial position and the impact of its entry on Ghana's banking sector. No shareholders, including Ghanaian investors, raised concerns about the proposed takeover. The transaction also requires approval from the Securities and Exchange Commission (SEC) regarding share transfers and other details on the Ghana Stock Exchange.

Once completed, Attijariwafa Bank will become the dominant shareholder, taking over Société Générale Ghana's operations, clients, and staff. Discussions around the deal have reportedly aimed to protect jobs at the bank and maintain some top management positions for Ghanaians. The takeover involves Attijariwafa Bank acquiring 55.22% of Société Générale Ghana's shares, while the Social Security and National Insurance Trust (SSNIT) will obtain an additional 5%, increasing their stake from 19.36% to 24.36%.

Société Générale Ghana, founded in 1975, has a long history of operations under various names, most recently changing to Société Générale Ghana in 2013.