GIPA Engages Societe Generale Ghana on Transition to Attijariwafa Bank

The Ghana Investment Promotion Authority (GIPA) has engaged Societe Generale Ghana PLC on its planned transition to Morocco’s Attijariwafa Bank and on opportunities to deepen investment ties between Ghana and Morocco.

The engagement followed a visit by Societe Generale Ghana Managing Director, Mr Hakim Ouzzani, to GIPA Chief Executive Officer, Mr Simon Madjie, in Accra.

Mr Madjie noted that the transaction could create opportunities for increased Moroccan Foreign Direct Investment (FDI) into Ghana and said GIPA was ready to support a smooth transition of the bank’s operations.

He also invited Societe Generale Ghana and Attijariwafa Bank to the Invest Ghana Summit scheduled for November 16-17 in Accra to explore investment and business opportunities.

The meeting comes after Societe Generale Group announced on October 1 that it had agreed to divest its entire 60.22% stake in Societe Generale Ghana. Under the deal, Attijariwafa Bank will acquire 55.22%, while the Social Security and National Insurance Trust (SSNIT) will acquire a further 5% stake.

Attijariwafa Bank will take over all activities operated by the subsidiary, including client portfolios and employees, subject to regulatory approvals and other customary conditions precedent.

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