The development follows the completion of the acquisition of the 60.22 per cent controlling interest previously held by Société Générale Group by Morocco’s Attijariwafa Bank and SSNIT.
SSNIT, which previously held a 19.36 per cent stake in the bank, said the additional acquisition would strengthen its position as an investor on behalf of workers and pensioners in Ghana.
In a statement issued by Management, the Trust said the increased shareholding would help it safeguard and grow the retirement assets of contributors while supporting the long-term development and stability of Société Générale Ghana.
“The increased shareholding represents a significant strengthening of SSNIT’s investment on behalf of workers in Ghana and pensioners,” the statement said.
The Trust also said the transaction would contribute to greater Ghanaian participation in the banking sector by increasing local ownership of a major financial institution.
According to SSNIT, the development was consistent with the broader objective of ensuring that Ghanaian workers, pensioners and local institutions benefited more directly from the growth and performance of the country’s financial sector.
The Trust expressed appreciation to the Government of Ghana, particularly the Minister responsible for Finance, for what it described as his instrumental role in securing the additional five per cent stake and completing the transaction.
SSNIT also thanked Attijariwafa Bank for its cooperation throughout the transaction.
It acknowledged the regulatory oversight provided by the Bank of Ghana and the Securities and Exchange Commission during the process.
The completion of the transaction gives Attijariwafa Bank and SSNIT a combined interest in the controlling stake previously owned by Société Générale Group, with the French banking group exiting its controlling position in Société Générale Ghana.
The transaction forms part of a wider change in ownership of the Ghanaian bank, with SSNIT’s increased interest giving the state pension manager a larger position in one of the country’s major financial institutions.
For SSNIT, the increased stake also represents a larger exposure of pension assets to the banking sector and the future performance of Société Générale Ghana.
The Trust said it would continue to focus on protecting and growing contributors’ retirement assets while supporting the bank’s long-term development.
