Societe Generale, one of Ghana’s leading banks, with 40 networked branches and outlets across the country, has exited the Ghana banking market.
The Societe Generale Group exit follows the signing of an agreement with Attijariwafa Bank, a Pan-African banking group, for the sale of its subsidiary, Societe Generale Ghana.
According to reports, under the agreement, the Societe Generale Group will divest its entire 60.22% stake in Societe Generale Ghana.
Reports disclosed that Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5% stake.
Following the agreement, Attijariwafa Bank will take over all activities operated by Societe Generale Ghana, including its client portfolios and employees.
Also, the development will result in the exit of Societe Generale Group from its ownership position in the Ghanaian subsidiary and bring a new strategic shareholder into the bank.
Meanwhile, the report disclosed that the proposed divestment remains subject to the fulfilment of the usual conditions precedent and approval by the relevant financial and regulatory authorities; therefore, the completion of the transaction will depend on the necessary regulatory and other approvals.
Meanwhile, the Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, in March 2025, revealed the prospective buyers engaging BoG in the sale of shares in Societe Generale.
Speaking during the 123rd Monetary Policy Committee (MPC) press conference in Accra on Friday, March 28, he stated, “The sale of shares in Societe Generale is ongoing; a number of prospective buyers have touched base with us. But as you know, we are central bank regulators; ours is to issue a no-objection, ours is to ensure that the prospective buyer meets the fit and proper requirements. And so we await negotiations on their part. When it is included, we will then look at the aspect that we have to look at.
“We will have to make sure that they meet the policy guidelines when it comes to mergers and acquisitions, and to make sure that everything is fit and proper”.
“So that is where we are as far as the SG transaction is concerned. We are waiting for the shareholders, we are waiting for the agreements that can be reached, and then we will get involved for that sale to go to the next step”, he added.
Earlier, Vice President of IMANI Africa, Bright Simons, had raised an alarm on an emerging turf war ongoing over the takeover of Societe Generale – Social Security Bank (SG-SSB).
Bright Simons revealed that there is a secret war between a Nigerian banking giant and a Moroccan big bank to take over the Ghanaian bank.
The Nigerian bank has been identified as Access Bank, while the Moroccan bank is the Bank of Africa.
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