The Social Security and National Insurance Trust (SSNIT) has increased its ownership in Societe Generale Ghana from 19.36 per cent to 24.36 per cent following the acquisition of an additional five per cent stake in the bank.
SSNIT said the move would deepen its participation in the ownership of a major financial institution and strengthen its ability to protect and grow the retirement assets of Ghanaian workers and pensioners.
The acquisition forms part of the completion of Societe Generale Group’s divestment of its 60.22 per cent controlling interest in Societe Generale Ghana.
Under the transaction, Morocco-based Attijariwafa Bank acquired a 55.22 per cent stake, becoming the majority shareholder, while SSNIT increased its existing interest by five percentage points.
According to SSNIT, the transaction provides an opportunity for greater Ghanaian participation in the ownership and future growth of the bank.
The Trust said its increased stake would position it to benefit from the long-term performance of Societe Generale Ghana while contributing to the bank’s stability and development.
It added that the investment could create opportunities for Ghanaian workers, pensioners and local institutions to benefit from growth in the banking sector.
SSNIT acknowledged the support of the Government, particularly the Minister for Finance, in facilitating the acquisition and completion of the transaction.
The Trust also expressed appreciation to Attijariwafa Bank for its cooperation and to the Bank of Ghana and Securities and Exchange Commission for their regulatory oversight of the transaction.
Societe Generale Ghana currently operates 40 branches and outlets across the country, providing retail and corporate banking services to individuals and businesses.
