Societe Generale Group has signed 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 Security and National Insurance Trust (SSNIT) will acquire an additional 5% stake.
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The proposed transaction will result in Societe Generale Group exiting its ownership position in Societe Generale Ghana and introduce Attijariwafa Bank as the bank’s new strategic shareholder.
As part of the agreement, Attijariwafa Bank will take over the activities operated by Societe Generale Ghana, 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.
Societe Generale 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, Societe Generale 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.
Societe Generale Ghana Plc is currently a subsidiary of Societe Generale 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 Societe Generale Ghana, although the bank’s existing operations, clients and employees are expected to form part of the transition under the agreement.