5 February 2019

Ghana: SG Ghana Sets Ambitious Market Share Target

Societe Generale (SG) Ghana has set an ambitious target to increase its market share from the current five per cent to 75 per cent by the year 2022 after meeting the Bank of Ghana's (BoG) Minimum Capital Requirement (MCR).

The target according to the bank would position it as one of the leading banks in the country.

Speaking at a cocktail event with some clients of the bank in Accra at the weekend, the Managing Director of SG Ghana, Hakim Ouzzani said the bank was poised to achieve its target through its new strategy which is focused on small and medium scale enterprises, digital banking and branch expansion.

Mr Ouzzani explained that SMEs globally were the engine of growth of every economy and source of job creation and employment, hence the focus of the bank on SMEs.

The Managing Director also said among the new strategic focus of SG Ghana was to be the "relationship-focused bank," and be closer to its clients.

He said the Ghanaian market remained a priority to SG Ghana and the bank was here to stay for very long and support the development of the economy.

Mr Ouzzani said so far SG Ghana had supported development projects in the country in the areas of energy, road construction, and telecommunication to the tune of $653 million and the SG Group had invested $1.4 billion over the past ten years.

The Deputy Managing Director of SG Ghana, Ernest Kuetche said the bank was better positioned to serve its corporate and SME clients.

He said the balance sheet of the bank had been expanded to enable the bank to focus on its global corporate clients and both the public and private sectors.

"The attainment of the MCR has positioned SG Ghana to undertake big ticket projects," he said.

The Chief Financial Officer of SG Ghana, Mohamed Fehri said the bank was able to meet the MCR ahead of time without raising loan.

The feat, he said was achieved through the issue of bonus shares of GHȻ97 million, a right issue which brought in additional GHȻ168.9 million capital, saying that the bank already had GHȻ138 million in stated capital as at December 2017.

SG Ghana currently has 38 branches across the country with 14 new branches yet to be inaugurated and has about 200,000 customers comprising SMEs, corporate and individual customers.

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