Société Générale has agreed to sell its Ghanaian subsidiary to Morocco’s Attijariwafa Bank. The French banking group signed an agreement covering its entire 60.22% stake in Société Générale Ghana, according to an announcement published Thursday, October 1, by the Ghana Stock Exchange. The transaction value was not disclosed.
Under the agreement, Attijariwafa Bank will acquire 55.22% of Société Générale Ghana, while the Social Security and National Insurance Trust (SSNIT), Ghana’s state pension and social security fund, will acquire an additional 5% stake.
Once the transaction is completed, Attijariwafa Bank will take control of the lender and take over the activities operated by Société Générale Ghana, including its client portfolios and employees. The deal remains subject to conditions under the agreement and regulatory and stock market approvals in Ghana and Morocco.
At the end of 2025, SG Financial Services Holding, Société Générale’s wholly owned investment subsidiary, held 60.22% of Société Générale Ghana. SSNIT held 19.36%, or 137,262,404 shares, while Ghanaian businessman Daniel Ofori held 6.81%.
Société Générale Ghana’s Market Position
Société Générale Ghana ranked 12th in Ghana’s banking market by total assets, with a 3.4% market share, and fifth by total loans, with a 5% share, according to International Finance Corporation data for September 2024.
The bank’s earnings weakened in 2025. Profit after tax fell to 397.001 million cedis from 551.299 million a year earlier, a decline of nearly 28%. Gross loans fell to 5.121 billion cedis from 5.666 billion in 2024, while customer deposits declined 6.1% to 5.843 billion cedis.
The acquisition would give Attijariwafa Bank its first direct banking presence in Ghana. The Moroccan group already has ties with Ghanaian financial institutions, including a partnership with GCB Bank covering correspondent banking, trade finance and other cross-border financial activities.
If the transaction is completed, Attijariwafa Bank will become Société Générale Ghana’s largest shareholder with a 55.22% stake. SSNIT, currently the bank’s second-largest shareholder, will increase its holding to 24.36%, while Daniel Ofori will retain 6.81%.
Source: Ecofinagency