When French lender Société Générale decided to end its two-decade run in Accra, the buyer waiting across the table was neither a European institution nor an American investment bank, but a regional player backed by Moroccan King Mohammed VI. Casablanca-based Attijariwafa Bank has agreed to acquire a controlling stake of more than 55% in the listed Ghanaian lender.

Under the transaction announced on Oct. 1 through the Ghana Stock Exchange, the French parent will divest its entire 60.22 percent holding. Attijariwafa will buy 55.22 percent, while Ghana’s state-backed Social Security and National Insurance Trust will acquire 5 percent. The deal remains subject to regulatory and stock market approvals in Ghana and Morocco.

A continental power play

The acquisition gives Attijariwafa a direct presence in Ghana and its first foothold in an English-speaking West African market. Owned by the Alaouite royal family, the lender will take full control of customer accounts, branch networks, and staff once regulators clear the undisclosed purchase price and finalize the handover.

Moroccan King Mohammed VI’s family holding company, Al Mada, serves as the bank’s reference shareholder, holding 46.5 percent at the end of 2025. The royal family owns roughly 60 percent of Al Mada through Siger, Ergis, and Copropar, a dedicated fund that receives company dividends on their behalf.

Attijariwafa remains the most valuable asset in the group’s corporate portfolio. In August, Al Mada’s stake in the lender was worth $7.64 billion, out of $29.11 billion. The royal family’s economic interest in those listed holdings reached $17.47 billion, led by mining investments.

Deep pockets drive expansion

Beyond finance, Moroccan King Mohammed VI and his family hold major corporate interests across North Africa. Through Al Mada, they control mining group Managem and retain stakes in insurer Wafa Assurance, cement producer LafargeHolcim Maroc, and renewable energy firm Nareva, giving the group vast industrial and corporate weight.

Attijariwafa has become Morocco’s primary vehicle for expanding economic influence across Africa. The bank serves 12 million customers and employs over 20,900 people in 26 countries. According to the 2025 Forbes Global 2000 ranking, it posted $4.84 billion in revenue, $956 million in profit, and assets of $71.7 billion.

The takeover follows a challenging period for the Accra-based unit. Société Générale Ghana posted a profit after tax of GHC397 million ($33.8 million) in 2025, falling about 28 percent from GHC551.3 million ($46.97 million) in 2024 as shifting macroeconomic conditions weighed on the country’s banking environment.

Inside the Accra deal

Even after that profit contraction, the mid-sized lender closed 2025 with total assets of GHC9.7 billion ($826.19 million) and net profit of GHC397 million ($33.8 million). IFC data ranked it 12th by assets with a 3.4 percent share, and fifth by loans with 5 percent of the Ghanaian market.

The Accra operation employs more than 500 workers across 40 branches in 24 cities, offering retail and corporate banking, trade finance, and cash management. Mohamed El Kettani, Attijariwafa’s chief executive, said the deal reflects confidence in Ghana’s prospects and aligns with the bank’s strategy of acquiring established lenders.

The transaction also expands domestic Ghanaian ownership through the state pension fund. The Social Security and National Insurance Trust will increase its holding from 19.36 percent to 24.36 percent. Local businessman Daniel Ofori, who owns 6.81 percent, will stand as the bank’s next-largest investor behind the fund and the Moroccan group.

Shifting borders in banking

France’s gradual retreat contrasts sharply with Attijariwafa’s pan-African ambitions. While Société Générale continues scaling down its footprint on the continent, the Casablanca-based group is using its strong North and West African base to open doors into high-value Anglophone markets, awaiting final clearances from Ghanaian regulators to complete the handover.