By Issah Olegor
The Social Security and National Insurance Trust (SSNIT) has increased its ownership in Societe Generale, SG Bank, Ghana by an additional 5 percentage points, taking its total stake in the bank from 19.36% to 24.36%.
SSNIT announced the development following the completion of the acquisition of Societe Generale Group’s 60.22% controlling interest in Societe Generale Ghana by Morocco’s Attijariwafa Bank and SSNIT.
The Trust said the additional stake strengthens its position as an institutional shareholder in the bank and provides an opportunity to safeguard and grow the retirement assets of contributors while supporting the long-term development and stability of the financial institution.
SSNIT also acknowledged the role played by the Government of Ghana, particularly the Minister responsible for Finance, whom it said was instrumental in securing the additional stake and facilitating the completion of the transaction.
According to the Trust, the increased ownership also represents a step towards greater Ghanaian participation in the country’s banking sector, particularly through stronger local ownership of a major financial institution.
SSNIT said the transaction is intended to ensure that Ghanaian workers, pensioners and local institutions benefit more directly from the growth and performance of the country’s financial sector.
The Trust further commended Attijariwafa Bank for its cooperation throughout the transaction and acknowledged the regulatory oversight provided by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
The development comes as Societe Generale Ghana transitions into a new ownership structure following the acquisition of the French banking group’s controlling stake, with Attijariwafa Bank emerging as the principal new strategic shareholder and SSNIT increasing its position.
