Societe Generale Group has reached an agreement with Pan-African banking group Attijariwafa Bank to divest its entire 60.22% stake in Societe Generale Ghana Plc.
Under the agreement, Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional 5% stake.
Following the transaction, Attijariwafa Bank will take over the activities of Societe Generale Ghana, including its customer portfolios and employees.
Societe Generale Group said the proposed divestment remains subject to the fulfilment of customary conditions and approval from the relevant financial and regulatory authorities.
Societe Generale Ghana is one of the leading banks in the country, operating a network of 40 branches and outlets. The bank serves both retail and corporate customers with a range of financial products and services.
The bank has also introduced several products and reforms in Ghana’s banking sector, including factoring, finance leasing, cash management, foreign exchange hedging, consumer credit loans and bill payment services.
Societe Generale Ghana Plc is currently a subsidiary of the Societe Generale Group, which holds 60.22% of the bank’s total shares.
