SSNIT acquires 10.73% shares in CAL Bank

CITI FM can confirm that the Social Security and National Insurance Trust (SSNIT) has acquired the shares of Kingdom R5 belonging to Prince Al Waleed in CAL BANK, which represents 10.73%.

Though the Bank of Ghana has halted any proposed takeover of CAL BANK by the Nigerian Bank, First City Monument Bank, the shares of the Saudi Arabian Prince has been bought by SSNIT.

Information available to CITI FM indicates that the move by the government establishment is to avert any subsequent moves by any foreign investor to hold a major stake in the Bank and eventually stage a takeover.

The trade took place on the Ghana Stock exchange last week Thursday.

Meanwhile, the shares of the International Finance Corporation( IFC), which represents 16.45% of CAL BANK is set to be on the verge of being traded on the exchange.

It will be recalled that plans by a foreign investor to acquire a major stake in CAL BANK hit a snag when the Bank of Ghana intervened and halted the transaction.

The BOG explained that the Bank did not seek regulatory approval before proceeding with the transaction.

It however succeeded in acquiring 8.16% shares in the bank.

Stock analysts said the move by the Bank of Ghana to halt the transaction involving the Nigerian Bank will have negative implications for foreign investors on the exchange.

The stock market, they contend is a free market where no external force should be allowed to interfere.