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Attijariwafa Bank Secures 55.22% Stake in Société Générale Ghana, Expanding Anglophone Africa Footprint
Attijariwafa Bank has signed an agreement to acquire a 55.22% controlling stake in Société Générale Ghana from the Société Générale Group, alongside Ghana's SSNIT pension fund taking a 5% stake. The deal, subject to regulatory approvals, gives Morocco's leading bank a strategic foothold in Ghana's banking sector. Société Générale Ghana, listed on the Ghana Stock Exchange, reported GHS 1.356 billion in net banking income and GHS 397 million in net profit for 2025. The acquisition aligns with Attijariwafa's pan-African expansion strategy, particularly in Anglophone markets, and is expected to enhance cross-border financing between Morocco and Ghana.
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Attijariwafa Bank Enters Ghana via Strategic Acquisition
Morocco's largest banking group, Attijariwafa Bank, has announced a landmark agreement to acquire a 55.22% majority stake in Société Générale Ghana from the French banking giant Société Générale Group. The transaction, which also sees Ghana's Social Security and National Insurance Trust (SSNIT) acquiring a 5% stake, is subject to regulatory and stock exchange approvals in both Morocco and Ghana.
Deal Structure and Key Financials
Upon completion, Attijariwafa Bank will hold a controlling interest in Société Générale Ghana, a well-established universal bank headquartered in Accra. The target bank boasts a network of 40 branches across 24 cities and employs over 500 staff. As of December 31, 2025, Société Générale Ghana reported the following key metrics:
- Net Banking Income: GHS 1.356 billion
- Net Profit: GHS 397 million
- Total Assets: GHS 9.7 billion
- Equity: GHS 2.6 billion
The bank is listed on the Ghana Stock Exchange (GSE) with a market capitalization of GHS 3.9 billion as of September 29, 2026.
Strategic Rationale: Deepening Anglophone Africa Presence
The acquisition marks a significant milestone in Attijariwafa Bank's pan-African expansion strategy, specifically strengthening its foothold in Anglophone West Africa. The Moroccan bank has a proven track record of successfully integrating acquired subsidiaries across the continent. Partnering with SSNIT, a premier Ghanaian institutional investor, ensures strong local anchoring and governance.
Leadership Commentary
Mohamed El Kettani, Chairman and CEO of Attijariwafa Bank, emphasized the strategic confidence behind the move:
"The signing of this agreement reflects the confidence we have in Ghana's development prospects as well as the quality of Société Générale Ghana. It fully aligns with our African development strategy and underscores our long-term commitment to supporting the economies of our countries of presence."
El Kettani highlighted the intention to maintain continuity, leveraging the acquired bank's strong teams and market position. He also stressed the ambition to sustainably develop the bank, finance the Ghanaian economy, and strengthen economic ties between Ghana, Morocco, and other countries where the Group operates.
Market Context and Outlook
This deal comes amid a wave of consolidation in African banking, as regional champions seek scale and geographic diversification. For Attijariwafa Bank, the Ghanaian entry adds a fast-growing, English-speaking market to its portfolio, which already spans North, West, and Central Africa. Analysts view the acquisition as a positive step for the Group's earnings diversification and long-term growth trajectory.