Attijariwafa bank is set to strengthen its position in West Africa through an agreement to acquire a majority stake in Société Générale Ghana. The Moroccan banking group has signed an agreement to take control of 55.22% of the Ghanaian bank, as part of a transaction covering 60.22% of the subsidiary currently held by Société Générale.
The remaining 5% stake will be acquired by Ghana’s Social Security and National Insurance Trust (SSNIT), an institutional investor in the country. Once completed, the transaction will make Attijariwafa bank the majority shareholder of Société Générale Ghana.
The deal is still subject to the required regulatory and stock-market approvals from the competent authorities in Morocco and Ghana. Its announcement therefore marks the beginning of a regulatory process before the transaction can be finalized.
The acquisition forms part of Attijariwafa bank’s broader African expansion strategy. Ghana gives the Moroccan group a stronger foothold in an English-speaking market and adds another dimension to its regional network.
Based in Accra, Société Générale Ghana has more than 500 employees and operates 40 branches across 24 cities. At the end of 2025, the bank reported net banking income of 1.356 billion Ghanaian cedis and net income of 397 million cedis.
Its balance sheet stood at 9.7 billion cedis, while shareholders’ equity reached 2.6 billion cedis. The bank is also listed on the Ghana Stock Exchange, with a market capitalization of 3.9 billion cedis as of September 29, 2026.
Mohamed El Kettani, Chairman and CEO of Attijariwafa bank, said the agreement reflects the group’s confidence in Ghana’s development prospects and in Société Générale Ghana’s position in the local market.
The Moroccan group intends to build on the bank’s existing operations, local expertise and workforce while maintaining continuity for customers and partners. The stated objectives include supporting the financing of the Ghanaian economy and strengthening economic links between Ghana, Morocco and the other markets where Attijariwafa bank operates.
The transaction would also expand the group’s presence in English-speaking Africa and further extend its universal banking model across the continent.
