The Social Security and National Insurance Trust has increased its stake in Société Générale Ghana to 24.36%, strengthening its investment in the bank following the completion of a major ownership transaction.
SSNIT said on Thursday, October 1, that it had secured an additional 5% interest in the bank, raising its shareholding from 19.36%.
The increase follows the completion of the acquisition of Société Générale Group’s 60.22% controlling stake in its Ghanaian subsidiary by Attijariwafa Bank and SSNIT.
SSNIT Deepens Investment in Bank
The Trust described the additional stake as an important investment on behalf of workers and pensioners whose contributions it manages.
According to SSNIT, the larger shareholding strengthens its position to protect and grow retirement assets while participating more directly in the future performance of the bank.
The Trust said the transaction represents a “significant strengthening” of its investment and is expected to support the bank’s long term development and stability.
SSNIT also credited the Government of Ghana and the Minister for Finance for supporting the transaction, saying the Finance Minister played an instrumental role in securing the additional stake.
Deal Increases Ghanaian Ownership
Beyond SSNIT’s investment portfolio, the Trust said the transaction would increase Ghanaian participation in the banking sector.
The higher local shareholding gives workers, pensioners and a major Ghanaian institution a greater interest in the performance of one of the country’s established commercial banks.
SSNIT said this was important in ensuring that local institutions benefit more directly from growth within Ghana’s financial sector.
The Trust acknowledged Attijariwafa Bank for its cooperation during the transaction.
It also recognised the Bank of Ghana and the Securities and Exchange Commission for providing regulatory oversight as the ownership transaction progressed.
The completion of the deal leaves SSNIT with nearly a quarter of Société Générale Ghana’s shares and strengthens its exposure to Ghana’s banking industry as part of its wider investment portfolio.
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