Societe Generale Group has agreed to divest its entire 60.22% stake in Societe Generale Ghana, handing ownership to Moroccan banking group Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT). The transaction is pending approval from the Bank of Ghana and other regulatory bodies.
Customers are being advised to remain calm, as banking services at all SG branches in Accra will continue normally during the transition. Banking and Financial Analyst Dr. Richmond Atuahene told Citi Business News that there is no immediate reason for concern.
Attijariwafa Bank will acquire a 55.22% stake, while SSNIT will take an additional 5%, raising its total share to 24.36%. The new owners will assume responsibility for the bank’s activities, client portfolios and staff, subject to regulatory clearance.
Dr. Atuahene highlighted potential benefits, noting that the change could bring improved technology and service delivery. He cautioned that employees, of whom there are about 500 across 40 branches, might face uncertainty if restructuring occurs.
SSNIT welcomed the deal, stating that the increased stake would strengthen its investment position on behalf of Ghanaian workers and pensioners. The Bank of Ghana remains the custodian of customer protection and will ensure the transition does not erode confidence in the sector.
As the deal moves forward, customers should keep their accounts as usual, while the bank’s operations are expected to run without disruption.
