Moroccan King Mohammed VI's bank to take control of Société Générale Ghana

Attijariwafa Bank, the Moroccan lender whose largest shareholder is King Mohammed VI's family holding company, has agreed to buy a majority stake in Société Générale Ghana, giving the bank its first foothold in one of West Africa's most important English-speaking markets.

Under the agreement, announced on Oct. 1 through the Ghana Stock Exchange, France's Société Générale will sell its entire 60.22% holding in the Ghanaian bank. Attijariwafa will acquire 55.22%, and Ghana's Social Security and National Insurance Trust will buy the remaining 5%. The price was not disclosed.

The deal still needs regulatory and stock exchange approval, after which Attijariwafa will take control of the bank.

Once it closes, the pension fund's stake will rise to 24.36%. Ghanaian businessman Daniel Ofori, who owns 6.81% of Société Générale Ghana, will be the next-largest shareholder.

The royal family's banking arm

Attijariwafa's reference shareholder is Al Mada, the private investment holding company of Morocco's ruling Alaouite family, which held 46.5% of the bank at the end of 2025. The king's family owns about 60% of Al Mada through two personal holding companies, Siger and Ergis, and a fund called Copropar that receives dividends on the family's behalf.

Attijariwafa is the most valuable asset in that portfolio. Al Mada's stake in the bank was worth about $7.64 billion in August, according to Billionaires.Africa calculations, out of roughly $29.11 billion in listed companies held by the holding company. The royal family's economic interest in those listed holdings was about $17.47 billion, with mining making up about two-thirds of it.

The Ghana deal extends the reach of a bank that has become one of Morocco's main tools for expanding its economic influence across Africa. Attijariwafa serves about 12 million individual, corporate and institutional customers and employs more than 20,900 people in 26 countries across Africa, Europe and the Middle East. It reported revenue of $4.84 billion and profit of $956 million, with assets of $71.7 billion and a market value of $14.44 billion, according to figures the bank provided from the 2025 Forbes Global 2000 ranking.

Mohamed El Kettani, Attijariwafa's chairman and chief executive officer, said the deal showed the group's confidence in the country. "The signing of this agreement reflects our confidence in Ghana's development prospects and the quality of Société Générale Ghana," he said.

He said the acquisition fit the bank's strategy of expanding across Africa and that its experience integrating banks it has bought would help develop the Ghanaian business for its customers and employees.

A French bank leaves, a Moroccan bank arrives

The deal is part of a broader shift in African banking. Société Générale has been shrinking its presence on the continent, and its sale of the Ghana unit continues that retreat. Attijariwafa, by contrast, has built its strategy around buying established banks in other African countries.

Société Générale Ghana is a mid-sized lender. At the start of 2025, it ranked 12th in Ghana's banking market by assets, with a 3.4% market share, and fifth by loans, with a 5% share, according to data from the International Finance Corporation. Based in Accra, it has more than 500 employees and about 40 branches across 24 cities.

Attijariwafa said the deal reflects its preference for partnering with institutions that already have strong local positions. The bank has historically been strongest in French-speaking North and West Africa, and Ghana gives it a way into Anglophone markets where it has had little presence.

The royal family's holdings span much of Morocco's economy. Through Al Mada, it also controls mining group Managem and has stakes in insurer Wafa Assurance, cement maker LafargeHolcim Maroc and renewable energy company Nareva.

The transaction is expected to close once regulators in Ghana and the Ghana Stock Exchange approve it.