SSNIT raises stake in Société Générale Ghana to 24.36%
The Social Security and National Insurance Trust (SSNIT) has increased its shareholding in Société Générale Ghana by an additional five per cent, bringing its total stake in the bank to 24.36 per cent. The development follows the completion of the acquisition of the 60.22 per cent controlling interest previously held by Société Générale Group by […] The post SSNIT raises stake in Société Générale…
The Social Security and National Insurance Trust (SSNIT) has risen its share in Société Générale Ghana by 5%, making its total possession in the bank 24.36%. This development happened after Attijariwafa Bank and SSNIT bought the 60.22% controlling share previously owned by Société Générale Group. SSNIT, which held 19.36% earlier, says the purchase will strengthen its position as an investor for Ghanaian workers and pensioners.
The Trust claims the higher share will help shield and expand the retirement funds of contributors while backing the bank's long-term growth and stability. SSNIT says the move boosts Ghanaian involvement in the banking world by growing local ownership of a major financial institution. The Trust also thanks the Ghanaian government, especially the Minister in charge of Finance, for helping secure the additional 5% and completing the deal.
SSNIT is pleased with the cooperation of Attijariwafa Bank and acknowledges the regulatory oversight by the Bank of Ghana and the Securities and Exchange Commission. With this transaction, Attijariwafa Bank and SSNIT now hold the same controlling share, and the French bank exits its controlling role in Société Générale Ghana. For SSNIT, the bigger stake means more pension assets linked to the bank and its future performance.
SSNIT promises to keep protecting and expanding contributors' retirement assets while supporting the bank's long-term growth.
Written by urgent.news from The Chronicle Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
