Morocco’s Attijariwafa Bank has agreed to acquire a 55.22 percent stake in Société Générale Ghana, expanding the North African lender’s presence in English speaking Africa.
Under the agreement with Société Générale Group, Ghana’s Social Security and National Insurance Trust will acquire a further five percent stake. The transaction remains subject to regulatory and stock market approvals, after which Attijariwafa Bank will take control of the Ghanaian lender.
Société Générale Ghana, based in Accra, has more than 500 employees and operates about 40 branches across 24 cities.
Attijariwafa Bank said the deal forms part of its expansion strategy and its ambition to strengthen its presence in English speaking African markets. The Moroccan lender said it also reflects its preference for working with institutions that have established positions in their local markets.
Mohamed El Kettani, chairman and CEO of Attijariwafa Bank, said the agreement reflected the group’s confidence in Ghana’s economic prospects and in the quality of Société Générale Ghana.
‘The signing of this agreement reflects our confidence in Ghana’s development prospects and the quality of Société Générale Ghana,’ El Kettani said.
He said the transaction was aligned with the group’s African expansion strategy and demonstrated its long term commitment to supporting the economies of countries where it operates.
El Kettani added that Attijariwafa Bank’s experience integrating acquired banks would help develop Société Générale Ghana for the benefit of its customers, employees and other partners.
The acquisition would give Attijariwafa Bank a stronger foothold in Ghana as it seeks to broaden its operations across Africa. The group currently serves about 12 million individual, corporate and institutional customers and employs more than 20,900 people across 26 countries in Africa, Europe and the Middle East.
He said the transaction was aligned with the group’s African expansion strategy and demonstrated its long term commitment to supporting the economies of countries where it operates.
El Kettani added that Attijariwafa Bank’s experience integrating acquired banks would help develop Société Générale Ghana for the benefit of its customers, employees and other partners.
The acquisition would give Attijariwafa Bank a stronger foothold in Ghana as it seeks to broaden its operations across Africa. The group currently serves about 12 million individual, corporate and institutional customers and employs more than 20,900 people across 26 countries in Africa, Europe and the Middle East.