The Moroccan banking champion is acquiring a profitable and listed subsidiary from the French group. It thus secures a gateway into English-speaking Africa.
On the African banking chessboard, Morocco has just advanced a knight to Accra. Attijariwafa bank announced, this 1 October, the signing of an agreement to acquire 55,22% of the capital of Société Générale Ghana, sold by the French group Société Générale.
The Ghanaian public pension fund SSNIT is acquiring 5% of it. Upon completion of the transaction, the Casablanca-based institution will control a bank it was lacking to materialize an establishment in English-speaking Africa.
The target is by no means ailing. This universal bank, which serves both individuals and businesses, relies on 40 branches spread across 24 cities and just over 500 employees.
In 2025, it achieved a net banking income (its total revenue) of 1,356 billion cedis, or approximately 116 million dollars. Its net result reached 397 million cedis, approximately 34 million dollars.
Nearly 30% of revenues therefore end up as profit, a ratio that many banks would envy. Profitability confirms this impression.
Relative to the equity of 2,6 billion cedis, the profit yields a return of approximately 15%: one cedi invested by shareholders earns fifteen cents per year. Relative to the balance sheet total, it is around 4%, a high level for the sector.
What remains is the price, which the press release does not disclose. The bank is listed in Accra and had a market capitalization of 3,9 billion cedis, or approximately 333 million dollars, on 29 September.
This represents approximately 10 times its annual earnings and 1,5 times its equity. At the stock market price, Attijariwafa bank's stake would be worth a little over 200 million dollars.
This is an estimate. The final price could depend on a potential control premium, the supplement one agrees to pay to hold the reins.
Furthermore, the share price of Société Générale Ghana has increased by 340% over the last 5 years, as of 29 September 2026. The operation is part of a continental expansion strategy.
The Moroccan group, which employs 22 000 people and has more than 12 million customers, already operates in 27 countries. Ghana opens up English-speaking markets for it, while SSNIT, the mandatory pension fund manager, provides a solid local anchor.
The PDG Mohamed El Kettani promises management 'in a spirit of continuity' and advocates for closer trade between Accra, Rabat, and the other countries in the group. Several unknowns remain.
The agreement is subject to authorization from Moroccan and Ghanaian regulators. The timeline, the financing method, and the potential offer for minority shareholders have not been specified.
It is on these points that the final round will be played. Published on 01/10/26 16:49 Dr.
Ange Ponou