Benjamin Pinewood
The Social Security and National Insurance Trust (SSNIT) has increased its stake in Societe Generale Ghana by 5 percentage points, bringing its total shareholding in the bank to 24.36%, up from 19.36%.
In a statement issued on Friday, October 2, SSNIT said the development follows the completion of the acquisition of Societe Generale Group’s 60.22% controlling stake in the bank by Attijariwafa Bank and SSNIT.
The Trust expressed appreciation to the Government of Ghana, particularly the Finance Minister, for helping to secure the additional stake and complete the transaction.
According to SSNIT, the acquisition strengthens its position to protect and grow contributors’ retirement funds while supporting the long-term development and stability of the bank.
The Trust said the transaction would also increase Ghanaian participation in the banking sector by expanding local ownership in a major financial institution.
It added that the move would help ensure that Ghanaian workers, pensioners and local institutions benefit more directly from the growth and performance of the country’s financial sector.
SSNIT also commended Attijariwafa Bank for its cooperation throughout the transaction and acknowledged the Bank of Ghana and the Securities and Exchange Commission for their regulatory oversight.
