Attijariwafa Bank is set to become the majority shareholder of Societe Generale Ghana after reaching an agreement with Societe Generale Group to acquire a 55.22% stake in the Ghanaian bank.

The Moroccan financial group is one of Africa’s major banking institutions, with operations spanning North, West and Central Africa, as well as markets in Europe and the Middle East.

The transaction, which remains subject to regulatory approvals and other conditions, will give Attijariwafa Bank control of an established Ghanaian banking franchise.

Here are 10 things to know about the group and what its entry could bring to Ghana’s financial sector.

1. Morocco’s Banking Giant

Attijariwafa Bank is Morocco’s largest banking group and one of the leading financial institutions in Africa. Its scale extends across banking and other financial services, with a significant presence in North, West and Central Africa. In 2025, the group ranked 979th on the Forbes Global 2000 list, with total assets of about US$71.7 billion, revenue of US$4.84 billion and net profit of approximately US$956 million.

2. A Pan-African Footprint

The group operates in 26 countries, giving it one of the broadest banking networks among African financial institutions. It has approximately 5,900 branches and more than 20,000 employees, serving over 12 million customers across retail, professional, corporate and institutional segments. This network provides the group with significant experience operating across different regulatory and economic environments.

3. A Century-Old Heritage

Attijariwafa Bank traces its roots back more than a century and was created through the merger of Banque Commerciale du Maroc and Wafabank. Over time, it has evolved from a traditional banking institution into a diversified financial group, expanding both its services and geographic footprint. Its growth has been driven in part by acquisitions and expansion across African markets.

4. Expanding Into Ghana

Ghana represents a significant step into an Anglophone West African market for Attijariwafa Bank. The group has traditionally built much of its African presence across North Africa and Francophone markets. Taking control of Societe Generale Ghana gives it an established platform in one of West Africa’s key financial and commercial centres, while broadening its geographic reach beyond its traditional markets.

5. Controlling Stake in Ghana

Under the agreement, Attijariwafa Bank will acquire a 55.22% stake in Societe Generale Ghana. Societe Generale Group is selling its entire 60.22% holding, with the remaining 5% being acquired by the Social Security and National Insurance Trust (SSNIT). SSNIT’s stake will consequently rise from 19.36% to 24.36%. The transaction remains subject to the applicable conditions and approvals from the relevant financial and regulatory authorities.

6. An Established Local Franchise

Attijariwafa Bank will inherit an existing banking operation rather than build its Ghanaian presence from the ground up. The transaction gives it access to Societe Generale Ghana’s customer base, employees, branches and other banking operations. The bank has more than 500 employees and operates 40 branches and outlets across 24 cities. In 2025, Societe Generale Ghana recorded net banking income of GH¢1.36 billion and net profit of GH¢397 million.

7. A Potential Trade Gateway

Ghana’s position as the host of the AfCFTA Secretariat could provide an additional strategic dimension to Attijariwafa Bank’s entry. The group’s presence across North and West Africa could support businesses involved in cross-border trade through services such as trade finance, import financing, payments and foreign exchange. Its Ghana operation could therefore serve as a link between businesses operating in Ghana and markets within Attijariwafa Bank’s wider African network.

8. Foreign Capital, Local Institutional Stake

The new ownership structure will combine Attijariwafa Bank’s strategic foreign investment with a substantial domestic institutional holding. SSNIT’s stake will increase to 24.36% following its acquisition of an additional 5%. This leaves the Ghanaian pension fund as a significant shareholder alongside the new majority owner.

9. Part of Africa’s Banking Shift

The transaction also comes against the backdrop of changing ownership patterns in African banking.While some international banks have reassessed their operations on the continent, major African financial institutions have been expanding across borders. Attijariwafa Bank’s acquisition of Societe Generale Ghana is therefore part of a wider shift towards stronger African-owned banking groups building regional scale and connectivity.

10. More Than Commercial Banking

Attijariwafa Bank operates beyond conventional retail and corporate banking. Its activities include insurance, asset management, consumer finance, leasing, investment banking and capital-market services.The group also operates the Africa Development Club, which focuses on facilitating business relationships, investment and economic partnerships across African markets.