The Social Security and National Insurance Trust (SSNIT) has increased its shareholding in Société Générale Ghana to 24.36% after acquiring an additional 5% stake in the bank.

The move forms part of the completion of Société Générale Group’s exit from its controlling 60.22% stake in the Ghanaian bank.

SSNIT previously held a 19.36% stake and says the increased ownership will strengthen its investment position and help safeguard and grow the retirement assets of Ghanaian workers and pensioners.

As part of the transaction, Morocco-based Pan-African banking group Attijariwafa Bank acquired a 55.22% stake inSociété Générale Ghana, making it the bank’s new majority shareholder.

SSNIT said its increased stake also represents stronger Ghanaian participation in the ownership of a major financial institution.

The Trust said this could provide greater opportunities for Ghanaian workers, pensioners and local institutions to benefit from the performance and growth of the banking sector.

SSNIT also acknowledged the support of the government, particularly the Minister for Finance, in facilitating the acquisition and completion of the transaction.

It further recognised the cooperation of Attijariwafa Bank and the regulatory oversight of the Bank of Ghana and the Securities and Exchange Commission.

Société Générale Ghana currently operates 40 branches and outlets nationwide, providing retail and corporate banking services to individuals and businesses.

SSNIT said it expects the investment to contribute to the long-term development and stability of the bank while supporting its mandate to grow pension assets for contributors.