SG-SSB

Société Générale - Social Security Bank (SG-SSB)
Type Public:GSE: SG-SSB
Industry Financial Services
Founded 1975
Headquarters Ring Road Central
Accra, Ghana
Key people Bernard David
Chairman
Gilbert Hie[1]
Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards, Credit Cards
Revenue Aftertax: US$ 12 million (GHS:19.4 million) (2010)[2]
Total assets US$423.4+ million (GHS:685.9+ million) (2010)
Website Homepage

SG-SSB is a bank that is based in Ghana. The name "SG-SSB" stands for "Société Générale - Social Security Bank"; the bank is part of the Société Générale banking group. The bank is based in Accra and its stock is listed on the Ghana Stock Exchange. It is a component of the GSE All-Share Index. According to its website it is the 4th largest bank in Ghana and has 38 branches in Ghana.

Contents

History

SG-SSB began in 1975 as "Security Guarantee Trust Limited" and the next year changed its name to "Social Security Bank Limited", or "SSB". In 1994, SSB and the "National Savings and Credit Bank" merged under a World Bank program. The next year, the government of Ghana divested its 21% share of the bank and it was converted to a public limited liability company and subsequently listed on the Ghana Stock Exchange. In 2004, the bank rebranded as SG-SSB after Societe Generale acquired a 51% controlling interest in the institution.[3]

Overview

According to its website, the bank is the 5th largest commercial bank in Ghana by assets, as of December 2011.[4] As of December 2010, the bank's total assets were valued at approximately US$423.4 million (GHS:685.9 million), with shareholders' equity of approximately US$71.9 million (GHS:116.2+ million).[5] The bank markets the "Sika" program including the SIKA Card, a credit card and the Sikatext Initiative Program. The bank is actively investing in internet banking.

Société Générale Group

The bank is a member of the Société Générale Bank Group with twelve (12) subsidiaries. Out of these, nine (9) are in Africa, in the countries of: Benin, Burkina Faso, Cameroon, Chad, Côte d’Ivoire, Ghana, Guinea, Equatorial Guinea and Senegal.[6]

Ownership

The bank's stock is listed on the Ghana Stock Exchange and is traded under the symbol: SG-SSB. Major shareholders in the bank include the following corporate entities and individuals:[7]

SG-SSB Stock Ownership
Rank Name of Owner Percentage Ownership
1 Société Générale Financial Services Holding 52.24
2 SSNIT 22.14
3 Daniel Ofori (an Individual) 07.31
4 Others 08.31
Total 100.00

Branches

As of December 2011, SG-SSB maintains a network of thirty-eight branches in all regions of Ghana.[8]

See also

References

External links