Customers of Societe Generale Ghana have been advised to remain calm and avoid rushing to withdraw their funds following an agreement by Societe Generale Group to sell its entire controlling stake in the Ghanaian bank.
Under the proposed transaction, Pan-African banking group Attijariwafa Bank will acquire a 55.22 percent stake in Societe Generale Ghana, while the Social Security and National Insurance Trust (SSNIT) will acquire an additional five percent stake.
Societe Generale Group currently holds a 60.22 percent controlling interest in Societe Generale Ghana.
Following completion of the transaction, Attijariwafa Bank will become the majority shareholder of the Ghanaian bank and is expected to take over its existing client portfolios and employees.
Societe Generale Ghana currently operates about 40 branches across the country, serving customers across various segments of the banking sector.
The proposed transaction is, however, subject to the necessary approvals from the relevant financial and regulatory authorities before it can be completed.
Customers urged to remain calm
Banking Consultant Dr Richard Atuahene has urged customers of Societe Generale Ghana not to panic or rush to withdraw their funds following news of the proposed sale.
He stressed that customers should continue to use the bank’s services normally while the transaction goes through the required regulatory processes.
Dr Atuahene said the Bank of Ghana had agreed to the proposed transaction, assuring customers that the sale was being undertaken as part of a regulated process.
He therefore urged customers to remain calm and avoid actions that could be driven by fear or misinformation surrounding the change in ownership.
Attijariwafa Bank to become majority shareholder
The completion of the transaction will result in a change in the ownership structure of Societe Generale Ghana, with Attijariwafa Bank acquiring the majority stake.
The French banking group Societe Generale’s controlling interest will be transferred as part of the agreement, while SSNIT will also increase its stake through the acquisition of an additional five percent.
The new ownership structure is expected to see Attijariwafa Bank assume majority ownership while the bank’s existing operations, client portfolios and employees remain part of the institution.
The transaction remains subject to the completion of all required regulatory and financial approvals.
Dr Atuahene reiterated that customers should continue to transact with the bank and await further official communication as the process progresses.
Story by Ama Frimpomaa