Morocco’s Attijariwafa Bank has agreed to acquire a majority stake in Société Générale Ghana, expanding its presence in English-speaking Africa as France’s Société Générale exits the Ghanaian market.

Under the agreement announced on Oct. 1, Attijariwafa Bank will acquire 55.22% of Société Générale Ghana, while Ghana’s Social Security and National Insurance Trust (SSNIT) will acquire an additional 5% stake. The transaction covers Société Générale Group’s entire 60.22% controlling interest in the Ghanaian bank.

The deal remains subject to regulatory and stock-market approvals in Ghana and Morocco. Once completed, Attijariwafa Bank will become the majority shareholder and take control of the bank’s operations, including its customer portfolios and employees.

Attijariwafa Bank said the transaction is part of its broader African expansion strategy and will strengthen its presence in English-speaking markets.

The Moroccan banking group said it intends to build on Société Générale Ghana’s existing position rather than enter the market from scratch. Mohamed El Kettani, chairman and CEO of Attijariwafa Bank, said the agreement reflected the group’s confidence in Ghana’s development prospects and in the quality of the Ghanaian bank.

The acquisition would add Ghana to Attijariwafa Bank’s growing African network and further extend the group’s pan-African banking model.

Based in Accra, Société Générale Ghana has more than 500 employees and operates around 40 branches and service points across 24 cities.

At the end of 2025, the bank reported net banking income of 1.356 billion Ghanaian cedis, net profit of 397 million cedis and total assets of 9.7 billion cedis. It is listed on the Ghana Stock Exchange.

For SSNIT, the transaction will increase its stake in the bank from 19.36% to 24.36%. The pension fund said the additional holding would strengthen its investment position on behalf of Ghanaian workers and pensioners and increase Ghanaian participation in the ownership of the financial institution.

The transaction marks the end of Société Générale Group’s ownership of its Ghanaian subsidiary and gives Attijariwafa Bank control of an established banking network in one of West Africa’s major English-speaking economies.