Morocco’s Attijariwafa Bank is set to acquire a controlling 55.22% stake in Société Générale Ghana, while SSNIT will acquire an additional 5%, as Société Générale Group divests its entire 60.22% holding in a major cross-border ownership shift in Ghana’s banking sector.
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.
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A Significant Cross-Border Ownership Shift
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.
What It Means for Attijariwafa Bank
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.
What It Means for Société Générale
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: Changing Ownership of African Banking
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.
Key Details at a Glance
| Item | Detail |
|---|---|
| Acquirer | Attijariwafa Bank (Morocco) |
| Stake to Acquire | 55.22% of Société Générale Ghana |
| Additional Buyer | SSNIT (5% stake) |
| Seller | Société Générale Group |
| Total Stake Divested | 60.22% |
| Status | Subject to regulatory approvals |
Source: Accra Street Journal
Last Updated on October 5, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
