Societe Generale Group has reached an agreement with Attijariwafa Bank, a leading Pan-African banking group, for the sale of its majority stake in Societe Generale Ghana Plc.
Under the proposed transaction, Societe Generale Group will divest its entire 60.22% shareholding in Societe Generale Ghana as part of its planned exit from the Ghanaian banking market.
Attijariwafa Bank and SSNIT to Acquire Shares
As part of the agreement, Attijariwafa Bank will acquire a 55.22% stake in Societe Generale Ghana, making it the bank’s new strategic shareholder.
The Social Security and National Insurance Trust (SSNIT) will also acquire an additional 5% stake in the Ghanaian financial institution.
Following the completion of the transaction, Attijariwafa Bank will take over the activities currently operated by Societe Generale Ghana, including its customer portfolios and employees.
The acquisition is expected to introduce a new strategic shareholder into the Ghana banking sector while bringing an end to Societe Generale Group’s ownership of its Ghanaian subsidiary.
However, the proposed Societe Generale Ghana acquisition is subject to the fulfilment of customary conditions precedent and approval from the relevant financial and regulatory authorities in Ghana.
Societe Generale Ghana’s Role in the Banking Sector
Societe Generale Ghana has established itself as a major player in Ghana’s financial services industry, providing banking solutions to individuals, small and medium-sized enterprises, corporate clients and other businesses.
The bank has also been recognized for introducing innovative banking products and services aimed at meeting the changing needs of customers.
Its areas of innovation include factoring, finance leasing, cash management, foreign exchange hedging, consumer credit loans and bill payment services.
Societe Generale Ghana Plc is currently a subsidiary of Societe Generale Group, which holds 60.22% of the bank’s total shares.
Transaction Awaits Regulatory Approval
The completion of the proposed sale will depend on the receipt of all necessary regulatory and other approvals.
The transaction therefore remains subject to the applicable requirements of Ghana’s financial and regulatory authorities before the change in ownership can be finalized.
About Societe Generale Ghana Plc
Societe Generale Ghana Plc is one of Ghana’s established commercial banks, with a network of about 40 branches and outlets across the country.
The bank provides a wide range of retail and corporate banking services, offering innovative financial products designed to meet the needs of individuals, businesses and corporate customers.
The proposed entry of Attijariwafa Bank into Societe Generale Ghana is expected to mark a significant change in the ownership structure of the Ghanaian bank and represents another major development in Ghana’s banking and financial services sector.
Databank Corporate Announcement
Source: newsthemegh.com