BoG clears Attijariwafa Bank’s takeover of Société Générale Ghana

The Bank of Ghana (BoG) has officially issued a "No Objection" approval for the proposed takeover of Société Générale Ghana by Morocco-based Attijariwafa Bank.

This regulatory clearance marks a crucial milestone toward finalizing the high-profile transaction.

Under the agreed terms, Attijariwafa Bank will assume majority ownership of the local banking institution.

Central bank officials based their approval on Attijariwafa Bank's substantial financial capacity and capital strength.

Regulators also considered how introducing a major pan-African banking group would boost competition across Ghana's financial sector.

Crucially, no shareholders or institutional investors raised objections to the ownership transfer during regulatory evaluations.

The transaction stems from an agreement announced on October 1, 2026, where French parent company Société Générale Group agreed to divest its entire 60.22 percent stake.

Attijariwafa Bank will acquire 55.22 percent of the shares, while the Social Security and National Insurance Trust (SSNIT) will acquire the remaining 5 percent.

This additional purchase increases SSNIT’s total equity in the bank from 19.36 percent to 24.36 percent.

Because Société Générale Ghana is listed on the Ghana Stock Exchange, the acquisition still requires formal approval from the Securities and Exchange Commission (SEC).

Once SEC clearance is finalized, Attijariwafa Bank will officially take over the bank’s operations, branch network, client portfolios, and workforce.

Regulatory discussions surrounding the takeover have secured firm assurances to protect existing staff and safeguard local jobs across all 40 nationwide branches.

Furthermore, leadership commitments ensure that several top management positions will continue to be held by Ghanaian professionals.

Société Générale Ghana traces its origins back to 1975, when it was established as Security Guarantee Trust Limited before evolving into Social Security Bank.

The institution officially adopted the name Société Générale Ghana in 2013 after the French group incrementally increased its controlling stake over two decades.

This latest transaction paves the way for a new era of expansion as North Africa's largest banking group enters Ghana's commercial banking landscape.