Societe Generale Group has signed an agreement with Attijariwafa Bank, a Pan-African banking group, for the sale of its subsidiary, Societe Generale Ghana.
Under the agreement, Societe Generale Group will divest its entire 60.22% stake in Societe Generale Ghana.
Attijariwafa Bank will acquire a 55.22% stake in the Ghanaian bank, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5% stake.
As part of the transaction, Attijariwafa Bank will take over all activities operated by Societe Generale Ghana, including its client portfolios and employees.
The transaction will result in the exit of Societe Generale Group from its ownership position in the Ghanaian subsidiary and bring a new strategic shareholder into the bank.
However, the proposed divestment remains subject to the fulfilment of the usual conditions precedent and approval by the relevant financial and regulatory authorities.
The completion of the transaction will therefore depend on the necessary regulatory and other approvals.
About Societe Generale Ghana Plc
Societe Generale Ghana is one of the leading banks in Ghana with 40-networked branches and outlets across the country.
The Bank provides Retail and Corporate clients with dedicated innovative products and services aimed at satisfying and anticipating customers’ needs.
The Bank is recognized for supporting individuals and businesses of various sizes and backgrounds to achieve their full potential.
The Bank is the foremost innovator in the Banking industry spearheading key reforms such as Factoring, Finance Lease, Cash Management, Foreign Exchange Hedging, Consumer Credit Loan and Bill
Payments to meet its customers’ needs.
Societe Generale Ghana Plc is a subsidiary of the Societe Generale Group which has 60.22 percent of the bank’s total shareholding.