Commercial Wafa Bank: Acquisition of 55.22% of Societe Generale Ghana

Commercial Wafa Bank , the largest Moroccan banking group by assets, announced an agreement to acquire a majority stake of 55.22% in Société Générale de Ghana, in a move that strengthens the Moroccan group's presence in West Africa. The agreement comes after the French Societe Generale Group agreed to give up its full share of 60.22% in its Ghanaian subsidiary, provided that the Ghanaian Social Security and National Insurance Corporation (SSNIT) receives 5% of the remaining capital. Transaction details and status of Société Générale Générale Société General Ghana is a comprehensive bank listed on the Ghana Stock Exchange in Accra, Ghana, with a network of 40 agencies spread across 24 cities across the country, employing more than 500 employees. The Bank provides various services including consumer loans, factoring, financial leasing, treasury management, and exchange risk coverage for the benefit of its individual and contracting customers. The financial indicators of the Ghana Bank, according to its data for the end of 2025, reveal a significant volume of business compared to its size, as shown in the following table: Financial Indicators of Société Générale Ghana (end of 2025, The market value as of September 29, 2026) The value in Ghanaian dirhams is approximately equivalent to the Moroccan dirhams Net banking output 1.356 billion 1.08 billion dirhams Net result 397 million 318 million dirhams Total budget 9.7 billion 7.76 billion dirhams Self-financing 2.6 billion 2.08 billion dirhams Market value (September 29, 2026) 3.9 billion 3.12 billion dirhams Stakes in the African expansion of the Moroccan bank The process falls within the commercial strategy of Wafa Bank to expand its presence in the African continent, as The Moroccan Bank is betting on this deal to expand in the English-speaking markets in West Africa, after building an extended presence in a number of other African markets over the past years. The acquisition comes at a time when several major Moroccan banks are expanding their presence in new African markets, in parallel with the growing economic partnerships between Morocco and West African countries. The transaction remains conditional on obtaining the necessary regulatory and exchange licenses from the competent authorities in Morocco and Ghana, before The activities of the Ghanaian branch, its clients and its employees shall be fully managed by Banque Maroc.