Société Générale Group has agreed to sell its entire 60.22% stake in Société Générale Ghana to Morocco-based Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT).
Under the agreement, Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while SSNIT will take a further 5% stake.
The transaction will bring an end to Société Générale Group’s direct ownership of its Ghanaian subsidiary, subject to the necessary regulatory approvals and other conditions being met.
Following completion of the transaction, Attijariwafa Bank will take over the operations of Société Générale Ghana, including its customer portfolios and employees.
The deal forms part of Société Générale Group’s broader divestment of its interest in the Ghanaian subsidiary, with the final transaction dependent on approval from the relevant financial and regulatory authorities.
