The Social Security and National Insurance Trust (SSNIT) has increased its shareholding in Societe Generale Ghana by an additional 5%, raising its total stake in the bank from 19.36% to 24.36%.
The development follows the completion of the acquisition of Societe Generale Group’s 60.22% controlling interest in Societe Generale Ghana by Attijariwafa Bank and SSNIT.
SSNIT said the increased investment strengthens its position as an institutional investor and supports its mandate to protect and grow the retirement savings and pension assets of workers and pensioners in Ghana.
The Trust expressed appreciation to the Government of Ghana, particularly the Minister responsible for Finance, for the support that contributed to securing the additional stake and completing the transaction.
According to SSNIT, the increased shareholding represents a significant boost to its investment portfolio and provides an opportunity to further safeguard and enhance the long-term value of contributors’ retirement assets.
The transaction also marks an important development in promoting Ghanaian ownership and participation in the banking sector. Increased local shareholding in a major financial institution is expected to strengthen domestic participation in Ghana’s financial services industry.
SSNIT said the development underscores the importance of ensuring that Ghanaian workers, pensioners and local institutions benefit from the growth and performance of the country’s banking and financial sector.
The Trust also acknowledged the cooperation of Attijariwafa Bank throughout the transaction and expressed appreciation to the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) for their regulatory oversight.
The increased stake in Societe Generale Ghana further positions SSNIT as a major institutional investor while supporting efforts to promote financial sector stability, local ownership and sustainable investment in Ghana.
Source: newsthemegh.com