BREAKING: Societe Generale leaves Ghana, Sells stake to Attijariwafa Bank and SSNIT
Societe Generale Group has entered into an agreement with Attijariwafa Bank, a leading pan-African banking group, for the sale of its subsidiary, Societe Generale Ghana Plc.
Under the agreement, Societe Generale Group will divest its entire 60.22% stake in Societe Generale Ghana. Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional 5% stake.
As part of the transaction, Attijariwafa Bank will assume control of all activities currently operated by Societe Generale Ghana, including its customer portfolios and employees.
The transaction will mark Societe Generale Group’s exit from its ownership position in Ghana and introduce Attijariwafa Bank as a new strategic shareholder in the bank.
However, completion of the proposed divestment remains subject to the fulfilment of customary conditions precedent, as well as approval from the relevant financial and regulatory authorities.
Societe Generale Ghana is recognised for supporting individuals and businesses of various sizes and backgrounds through a range of innovative financial products and services.
The bank has played a pioneering role in Ghana’s banking industry, introducing key financial solutions including factoring, finance leasing, cash management, foreign exchange hedging, consumer credit loans and bill payment services to meet the evolving needs of its customers.
Societe Generale Ghana Plc is a subsidiary of Societe Generale Group, which currently holds 60.22% of the bank’s total shares.
The completion of the transaction will therefore depend on obtaining all necessary regulatory and other approvals.
Societe Generale Ghana is one of the leading banks in the country, with a network of 40 branches and outlets across Ghana.
The bank serves both retail and corporate customers, providing dedicated and innovative products and services designed to meet and anticipate their financial needs.
