The transaction, which will see Moroccan banking group Attijariwafa Bank and the Social Security and National Insurance Trust (SSNIT) acquire the shares, is still subject to approval from the Bank of Ghana and other relevant regulatory authorities.

Citi  Business  News can also confirm that banking operations at Societe Generale branches in Accra are continuing as normal.

Banking and Financial Analyst, Dr. Richmond Atuahene, says customers have no immediate reason to be concerned about the proposed change in ownership.

“Customers should not panic at all. They are as safe as it was with SG and as it was with Social Security Bank. So customers should not get worried at all.”

Dr. Atuahene believes the change in ownership could also bring improvements in technology and service delivery, although he notes that employees could face uncertainty if the new owners decide to restructure the bank.

“If they should bring a very good technology, you will see that they are now going to be more efficient in delivery.”

He, however, acknowledged that staff could be more directly affected by any potential restructuring, noting that Societe Generale Ghana has about 500 employees across 40 branches.

Under the agreement, Societe Generale Group will divest its entire 60.22% stake in the Ghanaian subsidiary.

Attijariwafa Bank will acquire a 55.22% stake, while SSNIT will acquire an additional 5%, increasing its stake in the bank to 24.36%.

Attijariwafa Bank will subsequently take over the bank’s activities, client portfolios and employees, subject to the necessary regulatory approvals and other conditions precedent.

Dr. Atuahene stressed that the Bank of Ghana remains responsible for protecting customers and ensuring that the transition does not undermine confidence in the banking sector.

Meanwhile, SSNIT has welcomed the transaction, saying its increased stake in Societe Generale Ghana will strengthen its investment position on behalf of Ghanaian workers and pensioners.