The Bank of Ghana (BoG) has issued a “No Objection” to the proposed takeover of Société Générale Ghana by Morocco-based Attijariwafa Bank, Citi Business News has learnt.
The regulatory clearance marks a significant step towards completing the transaction, which will see Attijariwafa Bank become the majority shareholder of Société Générale Ghana.
Sources familiar with the regulatory process say the BoG’s decision took into account Attijariwafa Bank’s financial strength, its capacity to support large-scale financing and the potential impact of its entry on competition in Ghana’s banking sector.
The Moroccan banking group is one of Africa’s major financial institutions, with a broad presence across the continent, Europe and the Middle East.
The regulator is also understood to have considered the potential impact of the transaction on competition in Ghana’s commercial banking sector.
Citi Business News understands that none of the existing shareholders, including Ghanaian shareholders, raised objections to the proposed takeover during the regulatory process.
Further approvals required
Despite the BoG’s “No Objection”, the transaction is not yet fully completed.
Société Générale Ghana is listed on the Ghana Stock Exchange, having been listed in 1995 under the name Social Security Bank.
The transaction will therefore require the necessary approvals from the Securities and Exchange Commission (SEC), particularly in relation to the transfer of shares and other requirements arising from the change in ownership.
Completion of the outstanding regulatory processes will pave the way for the takeover.
Société Générale Group currently holds a 60.22% controlling stake in Société Générale Ghana.
Under the agreement announced on October 1, 2026, Attijariwafa Bank will acquire 55.22%, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional 5%.
Once completed, Attijariwafa Bank will become the new majority shareholder and take over the activities, client portfolios and employees of Société Générale Ghana.
Citi Business News understands that discussions surrounding the transaction have included commitments aimed at protecting jobs within Société Générale Ghana.
There are also indications that assurances have been secured to allow some senior management positions to remain under Ghanaian leadership.
The proposed ownership change is therefore expected to introduce a new strategic majority shareholder while maintaining the bank’s existing operations and workforce.
Société Générale Ghana currently operates 40 branches and outlets across the country.
The transaction will also increase the participation of SSNIT, which currently holds a 19.36% stake in Société Générale Ghana.
Its additional 5% acquisition will raise the pension fund’s shareholding to 24.36%, making it a significant shareholder alongside Attijariwafa Bank.
Société Générale Group announced on October 1, 2026, that it had reached an agreement with Attijariwafa Bank to divest its entire 60.22% holding in the Ghanaian subsidiary.
The transaction remains subject to the fulfilment of the applicable conditions and outstanding regulatory approvals.
Credit: Citinewsroom
