Moroccan Banking Giant Attijariwafa Bank Acquires Societe Generale Ghana

A major shift in Ghana’s banking industry is taking shape as Morocco’s Attijariwafa Bank moves to acquire a controlling stake in Société Générale Ghana, marking the exit of the French banking group from the market.

Under the agreement, Attijariwafa Bank is set to acquire a 55.22% stake in Société Générale Ghana, while Ghana’s Social Security and National Insurance Trust (SSNIT) will acquire an additional 5% stake from Société Générale Group, which is divesting its entire 60.22% holding.

The transaction marks a significant cross-border ownership shift in Ghana’s financial sector, bringing one of North Africa’s largest banking groups into the Ghanaian market as its majority shareholder, subject to regulatory approvals and the completion of the deal.

For Attijariwafa Bank, the acquisition represents an expansion of its African banking footprint into a market with an established financial services industry, a growing digital finance ecosystem and opportunities in corporate and retail banking.

For Société Générale, the agreement marks another step in its broader strategic repositioning, as the French banking group withdraws from its Ghanaian subsidiary after years of operating in the country.

The change in ownership could reshape the bank’s strategic direction, capital allocation and regional ambitions, although the incoming shareholder’s plans for the bank’s operations, workforce and brand have yet to be fully established.

The bigger story is the changing ownership of African banking. As financial institutions expand across borders, the transaction highlights the growing role of African banking groups in acquiring and consolidating financial assets across the continent.

With regulatory approvals still pending, the proposed acquisition sets the stage for a new chapter in the ownership of one of Ghana’s established banks.