French bank Société Générale has announced its goal of increasing its market share in its Ghana operations to 7%.
“We aim to increase our market share by 5% to 7% by 2020. We believe this is achievable,” said Societe Generale Ghana General Manager Hakim Ouzzani.
After reaching the required minimum capital of 400 million cedis, the bank intends to expand its activities in the small and medium enterprises sector.
A requirement of the central bank (BoG) that Societe Generale achieved through a bond issue of 97 million Ghanaian cedis ($ 19.5 million) and a rights issue of 168 million Ghanaian cedis ($ 34 million). dollars).
Hakim Ouzzani recalled that “this effort has strengthened SG Ghana’s capital base to enable the Bank to engage in larger volumes of financial transactions. The new capitalization will allow SG Ghana to position itself to take advantage of the enormous opportunities offered by the Ghanaian sector. It will also strengthen the Bank’s competitive advantage and enable it to face new challenges. ”
The leading innovator in the banking sector in Ghana, Societe Generale is leading key reforms such as remote banking, factoring, cash management, currency and commodity hedging consumption among others.