French banking group Societe Generale has reached a deal to dispose of its operations in Ghana.
The group has signed a sale and purchase agreement with Morocco-based Attijariwafa Bank for its 60.22% shareholding in Societe Generale Ghana.
Under the terms of the deal, Attijariwafa Bank is to take 55.22% of the Ghanaian bank, while Ghana’s pensions manager, the Social Security and National Insurance Trust (SSNIT), is to take up 5%.
Attijariwafa Bank is expected to assume control of all operations currently run by Societe Generale Ghana, including the bank’s clients and staff, once the deal is concluded.
The agreement will see Societe Generale Group completely exit Ghana, ending its majority ownership of the local unit and introducing a new strategic investor.
Completion of the deal is, however, conditional on meeting standard conditions precedent and securing approvals from the relevant financial and regulatory authorities.
Societe Generale Ghana Plc currently operates 40 branches and outlets nationwide and serves both retail and corporate customers.
The bank has built a reputation for providing tailored financial solutions to individuals and businesses and has pioneered several products in the local market, including factoring, finance lease, cash management services, foreign exchange hedging, consumer credit and bill payment solutions.
Bank of Ghana signals tight supervision as banks’ non performing loan ratio remains high
