French banking group Société Générale has agreed to sell its entire 60.22% stake in Société Générale Ghana, with Morocco’s Attijariwafa Bank taking 55.22% and the Social Security and National Insurance Trust (SSNIT) taking the remaining 5%, according to an announcement made on Thursday, October 1, 2026.
The deal marks the exit of Société Générale from Ghana’s banking sector more than two decades after it bought a controlling interest in the former Social Security Bank (SSB) in 2004.
Under the agreement, Attijariwafa Bank will take over all activities operated by Société Générale Ghana, including its client portfolios and employees.
The transaction is subject to the fulfilment of customary conditions precedent and approval by the relevant financial and regulatory authorities. No purchase price has been disclosed.
Société Générale Ghana sale: who gets what
The 60.22% block of shares held by the French group is being split between two buyers.
- Société Générale Group (seller): 60.22% stake – full exit
- Attijariwafa Bank: 55.22% – becomes new majority shareholder
- SSNIT: 5%
- Société Générale’s stake after completion: 0%
- Price: not disclosed
Sale ends strategic review started in May 2024
The agreement concludes a process that began on May 9, 2024, when Société Générale Group announced a strategic review of its Ghanaian subsidiary.
In March 2025, Bank of Ghana Governor Dr Johnson Asiama told journalists at a Monetary Policy Committee press conference that the sale was ongoing and that “a number of prospective buyers have touched base with us.”
He added at the time that the central bank would “make sure that they meet the policy guidelines when it comes to mergers and acquisitions.”
Who is Attijariwafa Bank?
Attijariwafa Bank is a pan-African banking group headquartered in Casablanca, Morocco. It was formed through the merger of Banque Commerciale du Maroc and Wafabank, with roots dating back to 1904.
The group serves about 12 million clients, employs more than 20,000 staff and operates in 26 countries across Africa, Europe and the Middle East, including Côte d’Ivoire, Senegal and Nigeria.
The SG Ghana purchase gives the Moroccan lender a major foothold in Ghana’s banking market as part of its wider expansion across the continent.
Société Générale Ghana at a glance
Société Générale Ghana runs 40 branches and outlets across the country and is listed on the Ghana Stock Exchange.
The bank offers retail and corporate banking, and is known for services such as factoring, finance leasing, cash management and foreign exchange hedging.
It began in 1975 as Security Guarantee Trust Limited, became Social Security Bank a year later, was renamed SG-SSB after Société Générale took control in 2004, and adopted the Société Générale Ghana name in 2013.
What the SG Ghana takeover means for customers and staff
For now, nothing changes for customers. Société Générale Ghana continues to operate as normal until regulators approve the deal and it is completed.
Once completed, Attijariwafa Bank will take over the bank’s client portfolios and employees, meaning accounts and staff move with the business rather than being shut down.
SSNIT’s 5% stake also gives Ghana’s main pension fund a direct shareholding in the bank. Readers following other banking sector changes can also see our report on the Bank of Ghana’s new cedi notes.
Foreign banks reshaping their Africa presence
The sale follows a wider trend of international banking groups, including French and British lenders, reducing their exposure in parts of Africa.
In many such cases, the banks continue to operate under new owners, with control moving to African banking groups and local institutional investors.
What happens next for the Attijariwafa deal
The transaction now needs approval from the relevant financial and regulatory authorities, led by the Bank of Ghana, which regulates mergers and acquisitions in the banking sector.
No completion date has been announced. Until then, Société Générale Ghana remains under its current ownership.
Key details at a glance
- Société Générale Group is selling its full 60.22% stake in Société Générale Ghana.
- Attijariwafa Bank of Morocco is buying 55.22%; SSNIT is buying 5%.
- Attijariwafa will take over the bank’s operations, clients and employees.
- The deal still needs regulatory approval; no price has been disclosed.
- SG Ghana has 40 branches and outlets nationwide.
- The sale ends a strategic review that began in May 2024.
FAQs
Who bought Société Générale Ghana?
Morocco’s Attijariwafa Bank has agreed to buy 55.22% of Société Générale Ghana, while SSNIT is buying a 5% stake. The deal is still subject to regulatory approval.
Is Société Générale leaving Ghana?
Yes. Société Générale Group is selling its entire 60.22% stake and will no longer be a shareholder once the deal is completed.
What happens to my Société Générale Ghana account?
Customers continue banking as usual for now. After completion, Attijariwafa Bank will take over the bank’s client portfolios, so accounts move to the new owner.
The agreement to sell Société Générale Ghana to Attijariwafa Bank and SSNIT closes a two-year review and ends more than 20 years of French ownership of the former Social Security Bank. With regulatory approvals still pending and no price disclosed, attention now turns to the Bank of Ghana’s review and the timeline for the Moroccan lender to take control.
