SSNIT’s stake in Societe Generale rises to 24.36% to support pension asset growth

The Social Security and National Insurance Trust (SSNIT) says its increased stake in Societe Generale  Ghana will strengthen its investment position on behalf of Ghanaian workers and pensioners.

The Trust has acquired an additional 5% stake in the bank, increasing its shareholding from 19.36% to 24.36%.

SSNIT says the increased ownership will enhance its position to safeguard and grow contributors' retirement assets, while supporting the long-term development and stability of Societe Generale Ghana.

The acquisition forms part of the completion of Societe Generale Group's divestment of its 60.22% controlling stake in the Ghanaian bank.

Under the transaction, Morocco-based Pan-African banking group Attijariwafa Bank acquired a 55.22% stake, making it the majority shareholder, while SSNIT took up the additional 5%.

According to SSNIT, the transaction also strengthens Ghanaian participation in the ownership of a major financial institution.

The Trust says this will create greater opportunities for Ghanaian workers, pensioners and local institutions to benefit from the growth and performance of the banking sector.

SSNIT has credited the Government, particularly the Minister for Finance, with supporting the acquisition of the additional stake and the completion of the transaction.

The Trust has also acknowledged the cooperation of Attijariwafa Bank and the regulatory oversight of the Bank of Ghana and the Securities and Exchange Commission.

Societe Generale Ghana operates 40 branches and outlets nationwide and provides retail and corporate banking services to individuals and businesses.

— CitiNewsRoom