SG SSB has announced plans to re-position itself to increase its market share in both deposits and loans in the competitive banking industry where six banks control about 63 percent of the industry market. The bank is adopting various measures, including re-branding and brightening of branches to create the desired environment for customers. It is also planning to venture into other areas that would offer convenience and accessibility to customers. The bank intends to improve sales management approaches, review and re-package some products, monitor and improve existing controls. Taking his turn at the Ghana Stock Exchange ‘Facts Behind Figures’ programme yesterday, which was attended by brokers and the press, Alain Bellissard, Managing Director of SG SSB said the bank has put in place new management, organization and procedures that would make it a leading one in the country, if not the best. It is unclear whether the statements made by the MD would enhance investor interest in the listed bank and increase the share price. Share price of the bank was GH¢1.15 at the beginning of 2009, but by the second half of the year the price was GH¢0.58 due to the re-capitalization exercise which lead to the share split. Currently, the share price of the bank is GH¢0.66. The bank’s stated capital also stands at GH¢62.4 million and Mr. Bellissard says his outfit does not have any plans of increasing its stated capital in the coming years. The bank increased its capital through a Rights Issue which it described as highly successful since most existing share holders exercised their rights. On the outlook and challenges for 2010 and beyond, he pointed out that SG SSB would expand its branch network as plans are underway to construct 10 branches from now till December 2011, adding that it would also construct new corporate head office to house management members. According to its 2009 financial performance, the bank’s profit after tax increased by 24.3 percent from GH¢15.521 million in 2008, recording a 30.6 percent decrease in Provision for Bad Debt. The improvement in the provision was mainly due to improved risk management and systems over the period. The bank’s cost to income ratio however increased from 60.8 percent to 63.4 percent. SG Financial Services Holding of France, the majority shareholder of the bank, has 52.24 percent followed by the Social Security and National Insurance Trust (SSNIT) with 22.14 percent and Daniel Ofori, an individual investor (7.31 percent). The rest are held by individual and corporate investors. It currently has 31 branches and six agencies across the country. By Charles Nixon Yeboah & Samira Abedi