Attijariwafa Bank buys into Ghana as Societe Generale exits
What's the deal? Societe Generale Group has agreed to sell its subsidiary, Societe Generale GhanaDealroom has a profile for this one. Try Dealroom →, to Morocco's Attijariwafa BankDealroom has a profile for this one. Try Dealroom → and Ghana's Social Security and National Insurance Trust (SSNIT)Dealroom has a profile for this one. Try Dealroom →. The move sees Societe Generale divest its entire 60.22% stake in the lender.
How is it structured? Attijariwafa Bank, a Pan-African banking group, will acquire a 55.22% stake, while SSNIT takes the remaining 5%. The deal value was not disclosed.
What changes? Attijariwafa will take over all activities run by Societe Generale Ghana, including its client portfolios and employees. The transaction fully exits Societe Generale from the bank and brings in a new strategic shareholder.
What's the endgame? Societe Generale Ghana is one of the country's leading banks, with 40 branches and outlets serving retail and corporate clients. For Attijariwafa, the acquisition deepens its footprint across Africa.
What's next? The divestment remains subject to the usual conditions and approval by the relevant financial and regulatory authorities. Completion depends on those sign-offs.
The signal: European banks continue to retreat from African markets, opening the door for regional players to consolidate. Attijariwafa's purchase, backed by a Ghanaian state fund, reflects a broader shift toward African ownership of the continent's banking assets.
Read more: citinewsroom.com
Image credit: acameronhuff
