Société Générale Group has reached an agreement with pan-African banking group Attijariwafa Bank to sell its majority stake in Société Générale Ghana.
Under the agreement, Société Générale Group will divest its entire 60.22% stake in the Ghanaian subsidiary.
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Attijariwafa Bank will acquire a 55.22% stake in Société Générale Ghana, while the Social Security and National Insurance Trust (SSNIT) will acquire the remaining 5% stake.
The transaction will result in Attijariwafa Bank becoming the new majority shareholder of Société Générale Ghana, subject to the completion of the transaction and the necessary regulatory approvals.
As part of the proposed acquisition, Attijariwafa Bank will take over the activities currently operated by Société Générale Ghana, including its client portfolios and employees.
The agreement is, however, subject to the fulfilment of customary conditions precedent and approval from the relevant financial and regulatory authorities.
Once completed, the transaction will significantly change the ownership structure of Société Générale Ghana and strengthen Attijariwafa Bank’s presence in Ghana’s banking sector.
Société Générale Ghana will continue to operate under its existing structure until the required approvals are obtained and the transaction is completed.
