Morocco's Attijariwafa Bank has reached an agreement to acquire a 55.22 percent majority stake in Société Générale Ghana. This strategic move will see the North African financial institution significantly expand its presence in English-speaking West Africa. Concurrently, Ghana's Social Security and National Insurance Trust (SSNIT) will also acquire an additional 5 percent stake in the Ghanaian bank.
The acquisition is a key part of Attijariwafa Bank's broader strategy to strengthen its footprint across the African continent. Société Générale Group is selling a significant portion of its shares, allowing Attijariwafa Bank to assume control of the Accra-based lender. The deal is contingent on receiving all necessary regulatory and stock market approvals from relevant authorities.
This transaction highlights Ghana's growing appeal as a destination for foreign direct investment, particularly within the financial services sector. The entry of a major regional player like Attijariwafa Bank signals confidence in Ghana's economic stability and growth prospects. Such investments can lead to increased competition, potentially benefiting consumers through improved services and financial product offerings.
Mohamed El Kettani, Chairman and CEO of Attijariwafa Bank, stated that the agreement reflects the group's confidence in Ghana's economic prospects. He also highlighted their belief in the quality of Société Générale Ghana. Mr. El Kettani emphasized Attijariwafa Bank's extensive experience in integrating acquired banks, which will be instrumental in developing the Ghanaian entity.
The completion of this acquisition will likely reshape Ghana's banking landscape. Attijariwafa Bank, with its vast resources and experience, is expected to introduce new financial products and services to the Ghanaian market. Decision-makers and market observers will closely watch the integration process and its impact on competition and financial inclusion. The deal also reinforces Ghana's position as a key hub for regional financial operations.
Société Générale Ghana currently operates approximately 40 branches across 24 cities and employs more than 500 people. Attijariwafa Bank serves about 12 million individual, corporate, and institutional customers across 26 countries. The Moroccan bank employs over 20,900 people across Africa, Europe, and the Middle East. In 2025, Attijariwafa Bank reported revenue of $4.84 billion and a profit of $956 million. Its total assets stood at $71.7 billion, with a market capitalization of $14.44 billion.
The involvement of SSNIT, a major Ghanaian institutional investor, underscores local confidence in the bank's future under new ownership. This dual acquisition structure ensures a continued local stake in a significant financial institution. The transaction is poised to give Attijariwafa Bank a stronger foothold in a key West African market. This move reinforces its position as a major pan-African financial services provider.