Attijariwafa Bank to Take Control of Société Générale’s Ghana Subsidiary
Attijariwafa bank has signed an agreement to become the majority shareholder in Société Générale Ghana. The Moroccan group is set to acquire 55.22% of the capital, along with the bank’s operations, customers and employees.
The agreement, announced this Thursday, October 1, by Joy Business, provides for the sale of the entire 60.22% stake held by Société Générale. Attijariwafa bank will acquire 55.22%, while Ghana’s Social Security and National Insurance Trust (SSNIT) will acquire the remaining five percentage points.
With this stake, the Moroccan group will take control of the subsidiary. The acquisition includes all its operations and employees. Its completion remains subject to approval by the relevant financial and regulatory authorities.
The process had been underway for more than two years. In May 2024, Société Générale began a strategic review of its stake in Ghana. The agreement with Attijariwafa bank now gives the subsidiary a buyer.
The Moroccan group expands its African network
For Attijariwafa bank, the acquisition will strengthen its presence in West Africa, where it already has subsidiaries in Senegal, Côte d’Ivoire, Mali and Togo. Its international network currently spans 27 countries, according to its investor presentation.
These operations account for a significant share of its results: in 2025, international retail banking represented 32.8% of the group’s net banking income and 27.3% of its net profit.
On Bladi.net : Morocco exit was part of Société Générale’s successful major overhaul
The Ghana deal also extends Société Générale’s divestments on the continent. In December 2024, the French group notably finalized the sale of its Moroccan subsidiary and La Marocaine Vie to the Saham group. This time, a Moroccan bank is set to take its place in Ghana.
