Société Générale Group has announced an agreement with Pan-African banking group Attijariwafa Bank to sell its majority stake in Société Générale Ghana.

The transaction is set to bring a new majority shareholder into Ghana’s banking sector.

But who is Attijariwafa Bank, the financial institution taking over Société Générale Ghana?

Based on research by JOYBUSINESS, Attijariwafa Bank is a Moroccan international financial services group headquartered in Casablanca.

How Attijariwafa Bank Was Established

Attijariwafa Bank was created through the merger of Banque Commerciale du Maroc and Wafabank, bringing together two major financial institutions in Morocco.

Since the merger, the bank has established itself as a major player in Morocco’s financial sector and has consistently ranked among the country’s leading banks by assets and market share.

The history of Attijariwafa Bank is closely linked to the development of Morocco’s financial sector.

The bank traces its origins to 1904 and says it has played a significant role in the modernisation of the country’s financial system and the development of its national economy and industrial base.

Drawing on the legacy of two long-established banks, Attijariwafa Bank has, over the years, developed a broad banking model focused on serving retail, professional, corporate, and institutional customers.

The bank says it has also diversified its businesses and expertise while investing in technological and commercial innovation.

Attijariwafa Bank’s Presence Across Africa

Attijariwafa Bank has expanded significantly beyond Morocco and established a strong presence across Africa.

According to the bank, it currently serves about 12 million retail, professional, corporate and institutional clients.

It has more than 20,000 employees operating across 26 countries in Africa, Europe and the Middle East.

Its African operations include markets such as Côte d’Ivoire, Senegal, and Nigeria.

The expansion has formed part of the bank’s strategy to establish itself as a leading financial institution across the continent.

Chief Executive on Transformation and Growth

According to the Chairman and Group CEO of Attijariwafa Bank, the institution has leveraged its long history to build what it describes as a universal banking model.

He said the bank has spent more than 15 years expanding across Africa and has grown into one of the leading banking groups on the continent.

In a post outlining the bank’s development, he said its growth had been driven by a combination of its history, innovation and the commitment of its employees.

“We’ve achieved all this by cultivating our pioneering spirit and by leveraging strong historic values, as well as our constant drive to innovate and a daily commitment by our employees.”

He added:

“Together, we work tirelessly to develop high added-value products and services, and to forge genuine bonds of trust with our valued customers.”

The planned acquisition of Société Générale Ghana will therefore give Attijariwafa Bank a further foothold in Ghana’s banking market as it continues its expansion across Africa.