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SSNIT Increases Stake in Société Générale Ghana to 24.36% Following Attijariwafa Bank Takeover
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The Social Security and National Insurance Trust (SSNIT) has officially strengthened its position within Ghana’s banking sector by increasing its shareholding in Société Générale Ghana (SG Ghana). Following a strategic acquisition of an additional 5% stake, SSNIT’s total interest in the bank now stands at 24.36%, up from its previous holdings of 19.36%. This move comes on the heels of a major ownership shift at the bank, where Morocco-based Attijariwafa Bank recently completed its acquisition of a 60.22% controlling interest, marking a significant transition for the financial institution.
According to SSNIT, the decision to bolster its investment in SG Ghana is rooted in its mandate to safeguard and grow the retirement assets of Ghanaian workers and pensioners. By expanding its footprint in a high-performing financial entity, the Trust aims to ensure long-term value and financial security for its contributors. SSNIT also highlighted that this acquisition is a deliberate effort to promote and maintain local participation in the country’s banking landscape, ensuring that indigenous stakeholders retain a significant voice in the management of critical financial assets as international partnerships evolve.
The transaction was successfully completed with the cooperation of various stakeholders, including the Ghanaian government and relevant regulatory bodies. SSNIT expressed gratitude for the regulatory support that facilitated the smooth transfer of shares during this transition period. As the banking sector continues to see shifts in ownership and foreign investment, SSNIT's increased stake positions the Trust as a vital anchor investor, providing a level of domestic stability during the transition under Attijariwafa Bank’s new leadership. This strategic move underscores the Trust's broader investment strategy of balancing portfolio diversification with the national interest of maintaining local oversight in the financial services industry.