Société Générale Group has signed an agreement with Attijariwafa Bank, a leading Pan-African banking group, for the sale of its subsidiary, Société Générale Ghana Plc.
Under the agreement, Société Générale Group will divest its entire 60.22% stake in Société Générale Ghana.
Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while the Security and National Insurance Trust (SSNIT) will acquire an additional 5% stake.
Also read: BREAKING: GFA parts ways with Carlos Queiroz after Black Stars’ AFCON setbacks
The proposed transaction will result in Société Générale Group exiting its ownership position in Société Générale Ghana and introducing Attijariwafa Bank as the bank’s new strategic shareholder.
As part of the agreement, Attijariwafa Bank will take over the activities operated by Société GénéraleGhana, including its client portfolios and employees.
However, the transaction is not yet complete. The proposed sale remains subject to the fulfilment of customary conditions precedent and approval from the relevant financial and regulatory authorities.
Completion will therefore depend on the necessary regulatory and other approvals being secured.
Société Générale Ghana is one of the established banks operating in the Ghanaian financial sector, with a network of 40 branches and outlets across the country.
The bank provides retail and corporate banking clients with a range of products and services designed to meet their financial needs.
Over the years, Société Générale Ghana has introduced and supported banking solutions including factoring, finance lease, cash management, foreign exchange hedging, consumer credit and bill payment services.
The bank has also positioned itself as an institution supporting individuals and businesses of different sizes through tailored financial products and services.
Société Générale Ghana Plc is currently a subsidiary of Société Générale Group, which holds 60.22% of the bank’s total shareholding.
If the transaction receives all required approvals and is completed, ownership of the Ghanaian bank will therefore undergo a significant change, with Attijariwafa Bank becoming the majority strategic shareholder and SSNIT increasing its stake by 5%.
The proposed acquisition represents a new phase for Société Générale Ghana, although the bank’s existing operations, clients and employees are expected to form part of the transition under the agreement.