Societe Generale Group has entered into an agreement to sell its entire 60.22 per cent shareholding in Societe Generale Ghana, marking the French financial institution’s total exit from the Ghanaian market.
Under the terms of the transaction, Pan-African banking entity Attijariwafa Bank will acquire a 55.22 per cent majority stake, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional 5 per cent stake.
The agreement will see Attijariwafa Bank assume full responsibility for all operational activities currently managed by the subsidiary, including the full absorption of client portfolios and existing personnel.
”Societe Generale Group has signed an agreement with Attijariwafa Bank, a Pan-African banking group, which would result in the total divestment of Societe Generale group’s shares (60.22%) in Société Générale Ghana. According to the commitments made, Attijariwafa bank will acquire a 55.22% stake, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5% stake.”
The statement further confirmed that operational continuity and staffing would remain intact following the transfer.
”Attijariwafa Bank would take over all activities operated by this subsidiary, as well as all client portfolios and employees within this entity.”
The completion of the deal remains subject to standard closing conditions and statutory approval from relevant regulatory and financial authorities.
By: Rainbowradioonline.com/Ghana
