Finance Minister Ken Ofori Atta (4th left) is joined by Yeo Sionle (2nd left), Alexandre Maymat (middle) and some other officials of SG Ghana in a pose
Societe Generale Ghana has indicated that it’s ready to acquire another bank six months to the December 31st deadline for all banks to recapitalize to the tune of GH¢400 million.
Yeo Sionle, outgoing Managing Director of Societe Generale Ghana, who disclosed this Friday at a farewell cocktail reception for him in Accra, said the bank would achieve the new minimum capital requirement by September 2018.
“We are preparing to be part of a consolidation…should there be any opportunity that we deem good for us; so clearly, not only would we meet the minimum capital required on our own but also we are ready to be a player of a consolidation should we have any significant opportunity,” he told journalists.
He gave assurance that Societe Generale Ghana would continue to play a leading role in Ghana’s economic growth and development.
He said since 2016, the bank has embarked on massive expansion and refurbishment drive of its branch network to bring banking closer to clients.
In 2017, he said the bank’s gross loan book grew by over 42 percent for both retail and corporate, translating into steady market share gains from 3 percent in 2016 to over 4 percent.
Mr. Sionle would assume a new role as the regional director for Central Africa responsible for six countries namely Chad, Congo, Equatorial Guinea, Madagascar, Cameroun and Congo Brazzaville.
Hakim Ouzzani, incoming Managing Director, SG Ghana, said the country’s economy was moving in the right direction, because economic fundamentals were doing well.
He said there were encouraging signs of emerging competition in the Ghanaian banking industry and this was portrayed by the entry of new banks into the market, introduction of new products and the opening of new branches of existing banks.
Alexandre Maymat, Director of International Banking of Africa, Mediterranean Basin and Oversea of SG Group- Paris, said over the last 15 years, SG Ghana had made great strides in the economic development of the country.
He said as a true development partner of Ghana, SG Paris and SG Ghana have financed quite a number of projects for government in various sectors of the economy to the tune of $653 million from 2008 to 2018.
Mr. Maymat said the group decided to invest in Ghana’s financial sector in view of the prudent and efficient management of the Ghanaian economy in 2003.
“Since then we have been quite happy and satisfied with the efficient management of the economy and the pragmatic steps put in place by government despite challenges.”
By Samuel Boadi