Ghana: Attijariwafa Bank to Acquire Société Générale Majority Stake

Morocco's Attijariwafa Bank has reached an agreement to acquire a majority stake in Société Générale Ghana. The North African lender will purchase a significant portion from Société Générale Group, expanding its footprint in English-speaking Africa. Concurrently, Ghana's Social Security and National Insurance Trust will also acquire a smaller stake in the Ghanaian bank. The transaction is contingent on receiving the necessary regulatory and stock market approvals. Under the terms of the agreement, Attijariwafa Bank will acquire a 55.22 percent stake in Société Générale Ghana. Following this, Ghana's Social Security and National Insurance Trust is set to acquire an additional 5 percent stake. Once all approvals are secured, Attijariwafa Bank will assume control of the Accra-based Ghanaian lender. Société Générale Ghana currently operates approximately 40 branches across 24 cities and employs more than 500 people. Attijariwafa Bank, a major financial institution, serves about 12 million individual, corporate, and institutional customers. The group employs over 20,900 people across 26 countries spanning Africa, Europe, and the Middle East. According to information provided by the bank, it reported revenue of $4.84 billion, a profit of $956 million, and assets totaling $71.7 billion. Its market capitalization was $14.44 billion, as ranked 979th in the 2025 Forbes Global 2000. Keep up with the latest headlines on WhatsApp | LinkedIn This acquisition is a key part of Attijariwafa Bank's broader expansion strategy, aiming to strengthen its presence in English-speaking African markets. Mohamed El Kettani, Chairman and CEO of Attijariwafa Bank, stated that the agreement reflects the group's confidence in Ghana's economic prospects and the quality of Société Générale Ghana. The deal provides Attijariwafa Bank with a stronger foothold in Ghana, aligning with its long-term commitment to supporting economies where it operates. The completion of this transaction remains subject to securing the required regulatory and stock market approvals. Mr. El Kettani emphasized that Attijariwafa Bank's extensive experience in integrating acquired banks would be instrumental. This expertise is expected to help develop Société Générale Ghana, benefiting its customers, employees, and other partners. The move further demonstrates the group's commitment to its African expansion strategy. This acquisition underscores Attijariwafa Bank's strategic push to deepen its presence across the African continent, particularly in English-speaking markets. By targeting Société Générale Ghana, an institution with an established local footprint of approximately 40 branches across 24 cities and over 500 employees, the Moroccan lender demonstrates its preference for working with strong existing players. Get the latest in African news delivered straight to your inbox By submitting above, you agree to our privacy policy . We need to confirm your email address. To complete the process, please follow the instructions in the email we just sent you. There was a problem processing your submission. Please try again later. Attijariwafa Bank Chairman and CEO Mohamed El Kettani highlighted the group's confidence in Ghana's economic development and the quality of the acquired entity, framing the deal as a long-term commitment to supporting local economies. This move is consistent with Attijariwafa Bank's significant scale, already serving about 12 million customers and employing over 20,900 people across 26 countries in Africa, Europe, and the Middle East. The bank, which was ranked 979th in the 2025 Forbes Global 2000, reported substantial financials including $4.84 billion in revenue, $956 million in profit, and $71.7 billion in assets, alongside a market capitalization of $14.44 billion. At