SG takes over SSB Bank

Accra, March 7, GNA - The SSB Bank Limited on Friday got a major push when Societe General (SG), a major international financial institution, took over controlling stake of 50.72 per cent of its shares in one of the biggest single transactions in a listed equity on the Ghana Stock Exchange.
The investment makes SG the majority shareholder in the Bank with over 33 million ordinary shares, pushing the share price of SSB Bank up by more than 10 per cent.
In an interview with the Ghana News Agency (GNA) Business Desk immediately after the transaction, Mrs Marian Barnor, General Manager, Strategic Management and Corporate Affairs, said the investment gives SG the control of management. She added, however, "for now the focus is not on management but the value that the transaction brings to SSB Bank."
On the impact that the transaction would have on the bank, Mrs Barnor noted that SSB, with 38 branches, would benefit immensely from the transaction since its current standing lacked the international linkages that other major banks had.
"Societe General with a presence in 80 countries worldwide, and financial strength and international network will bring its massive experience in product development and add value that will put SSB on a better platform to perform as one of the best banks in Ghana."
She said it was gratifying that local hands had managed SSB Bank all these years for it to attract such a huge investment.
The Bank's shareholding structure now has SG with 50.72, SSNIT with 21 per cent with the rest going to retail shareholders. Officials of SG, who spoke to GNA, said they chose SSB Bank because of it's strategic product base.
Besides it offered the m with the best opportunity for partnership. The Stock Exchange said it stands to facilitate investment into Ghana and contribute to the achievement of the Golden Age of Business.

Accra, March 7, GNA - The SSB Bank Limited on Friday got a major push when Societe General (SG), a major international financial institution, took over controlling stake of 50.72 per cent of its shares in one of the biggest single transactions in a listed equity on the Ghana Stock Exchange.
The investment makes SG the majority shareholder in the Bank with over 33 million ordinary shares, pushing the share price of SSB Bank up by more than 10 per cent.
In an interview with the Ghana News Agency (GNA) Business Desk immediately after the transaction, Mrs Marian Barnor, General Manager, Strategic Management and Corporate Affairs, said the investment gives SG the control of management. She added, however, "for now the focus is not on management but the value that the transaction brings to SSB Bank."
On the impact that the transaction would have on the bank, Mrs Barnor noted that SSB, with 38 branches, would benefit immensely from the transaction since its current standing lacked the international linkages that other major banks had.
"Societe General with a presence in 80 countries worldwide, and financial strength and international network will bring its massive experience in product development and add value that will put SSB on a better platform to perform as one of the best banks in Ghana."
She said it was gratifying that local hands had managed SSB Bank all these years for it to attract such a huge investment.
The Bank's shareholding structure now has SG with 50.72, SSNIT with 21 per cent with the rest going to retail shareholders. Officials of SG, who spoke to GNA, said they chose SSB Bank because of it's strategic product base.
Besides it offered the m with the best opportunity for partnership. The Stock Exchange said it stands to facilitate investment into Ghana and contribute to the achievement of the Golden Age of Business.