Societe Generale agrees to sell stake to Attijariwafa Bank and SSNIT
Societe Generale Group has signed an agreement with Attijariwafa Bank, a leading Pan-African banking group, for the sale of its majority stake in Societe Generale Ghana Plc.
Under the agreement, Societe Generale Group will divest its entire 60.22% stake in the Ghanaian bank.
Attijariwafa Bank will acquire a 55.22% stake, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional 5% stake.
As part of the transaction, Attijariwafa Bank will take over all activities currently operated by Societe Generale Ghana, including the bank’s client portfolios and employees.
The proposed transaction will mark the exit of Societe Generale Group from its ownership position in Societe Generale Ghana and introduce Attijariwafa Bank as a new strategic shareholder.
However, the transaction is subject to the fulfilment of customary conditions precedent, as well as approval from the relevant financial and regulatory authorities.
Completion of the deal will therefore depend on the necessary regulatory and other approvals.
Societe Generale Ghana Plc is one of Ghana’s established banking institutions, with a network of 40 branches and outlets across the country.
The bank provides retail and corporate customers with a range of financial products and services designed to meet evolving customer needs.
It has also introduced a number of banking solutions and reforms in Ghana, including factoring, finance leasing, cash management, foreign exchange hedging, consumer credit loans and bill payment services.
Societe Generale Ghana currently forms part of the Societe Generale Group, which holds 60.22% of the bank’s total shareholding.
The proposed sale will bring an end to the French banking group’s ownership of its Ghanaian subsidiary, subject to the completion of the transaction and all required regulatory approvals.
Aikines Anyomi
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