Attijariwafa Bank to Acquire Majority Stake in Société Générale Ghana

AFRICAN STOCKS AND FINANCEOctober 2, 2026 at 4:03 AM UTC

TLDR

Attijariwafa Bank agreed to acquire a 55.22% stake in Société Générale Ghana.
Ghana’s Social Security and National Insurance Trust will also acquire a 5% stake.
The deal expands Attijariwafa Bank's presence in English-speaking African markets.

Morocco's Attijariwafa Bank has reached an agreement to acquire a majority stake in Société Générale Ghana. The North African lender will purchase a significant portion from Société Générale Group, expanding its footprint in English-speaking Africa. Concurrently, Ghana’s Social Security and National Insurance Trust will also acquire a smaller stake in the Ghanaian bank. The transaction is contingent on receiving the necessary regulatory and stock market approvals.

Under the terms of the agreement, Attijariwafa Bank will acquire a 55.22 percent stake in Société Générale Ghana. Following this, Ghana’s Social Security and National Insurance Trust is set to acquire an additional 5 percent stake. Once all approvals are secured, Attijariwafa Bank will assume control of the Accra-based Ghanaian lender. Société Générale Ghana currently operates approximately 40 branches across 24 cities and employs more than 500 people.

Attijariwafa Bank, a major financial institution, serves about 12 million individual, corporate, and institutional customers. The group employs over 20,900 people across 26 countries spanning Africa, Europe, and the Middle East. According to information provided by the bank, it reported revenue of $4.84 billion, a profit of $956 million, and assets totaling $71.7 billion. Its market capitalization was $14.44 billion, as ranked 979th in the 2025 Forbes Global 2000.

This acquisition is a key part of Attijariwafa Bank's broader expansion strategy, aiming to strengthen its presence in English-speaking African markets. Mohamed El Kettani, Chairman and CEO of Attijariwafa Bank, stated that the agreement reflects the group's confidence in Ghana's economic prospects and the quality of Société Générale Ghana. The deal provides Attijariwafa Bank with a stronger foothold in Ghana, aligning with its long-term commitment to supporting economies where it operates.

The completion of this transaction remains subject to securing the required regulatory and stock market approvals. Mr. El Kettani emphasized that Attijariwafa Bank's extensive experience in integrating acquired banks would be instrumental. This expertise is expected to help develop Société Générale Ghana, benefiting its customers, employees, and other partners. The move further demonstrates the group’s commitment to its African expansion strategy.

Key Takeaways

This acquisition underscores Attijariwafa Bank's strategic push to deepen its presence across the African continent, particularly in English-speaking markets. By targeting Société Générale Ghana, an institution with an established local footprint of approximately 40 branches across 24 cities and over 500 employees, the Moroccan lender demonstrates its preference for working with strong existing players. Attijariwafa Bank Chairman and CEO Mohamed El Kettani highlighted the group's confidence in Ghana's economic development and the quality of the acquired entity, framing the deal as a long-term commitment to supporting local economies. This move is consistent with Attijariwafa Bank's significant scale, already serving about 12 million customers and employing over 20,900 people across 26 countries in Africa, Europe, and the Middle East. The bank, which was ranked 979th in the 2025 Forbes Global 2000, reported substantial financials including $4.84 billion in revenue, $956 million in profit, and $71.7 billion in assets, alongside a market capitalization of $14.44 billion. Attijariwafa Bank is leveraging its experience in integrating acquired banks to further develop Société Générale Ghana, benefiting its customers, employees, and partners. This transaction is poised to give Attijariwafa Bank a stronger foothold in a key West African market, reinforcing its position as a major pan-African financial services provider.

Attijariwafa Bank

Société Générale Ghana

Acquisition

Ghana

Morocco

Banking

African expansion