Societe Generale Ghana holds 36th Annual General Meeting

Societe Generale Ghana Limited held its 36th Annual General Meeting on Thursday 31st March 2016 at the Accra International Conference Centre to account to the shareholders of the bank and discuss performance of the Bank for the year 2015 and how to improve its services in the coming years.

The Chairman of the Board of Directors Mr. Kofi Ampim stated that the Bank recorded a Profit before Tax of GH¢64,387,599 and Profit after Tax of GH¢44,605,077. Net Banking Income increased by 11.4% and Current Operating Expenses grew by 26.4%. Shareholders' Funds increased from GH¢221,983,165 to GH¢263,980,201 representing a progression of 18.9%.

The shareholders of the Bank approved the following ordinary resolutions: the acceptance of the 2015 Accounts as the true and fair view of the state of affairs of the Bank for the year ended 31st December 2015; the declaration of final dividend for the period ended 31 December 2015; the re-election of Directors; the election of a Director; the validation of the Directors’ fees; the appointment of Ernst & Young to replace Deloitte as Auditors with effect from 31st March 2016; and the authorization for the Directors to determine the remuneration of the External Auditors.

The shareholders approved a special resolution for the Board of Directors to decide, at its discretion, to increase the stated capital of the Bank to a minimum of One Hundred and Forty Million Ghana Cedis (GHS140 million) through a rights issue (the “Rights Issue”), subject to applicable regulatory approvals and to set the parameters of the Rights Issue, the amount of which shall not exceed Forty One Million Ghana Cedis (GHS41 million).

Mr. Kofi Ampim, Chairman of the Board in commenting on the outlook for the year 2016 said that Ghana’s political stability would be strengthened with yet another successful election year to further deepen the country’s democracy.

Mr. Ampim stated the following facts,” I am sure that the elections will be held peacefully. The Societe Generale Group is highly confident in the future of Ghana, given the strong economic potential of the country and its sustained peaceful governance.

For Societe Generale Ghana, the year 2016 will be a year of transformation with new systems and processes being put in place to increase our Bank's market share. The aim is to achieve sustained organic growth. I have confidence in our nation Ghana and in Societe Generale Ghana. I am confident about the future of our Bank”.

The Managing Director of the Bank Mr. Sionle Yeo stated that Management and Staff together commenced the implementation of a growth strategy in October 2015. Mr. Yeo said that this was aimed at defining a clear strategic move that will take our Bank to an ambitious competitive position by 2018.

Mr. Yeo stated that “As a result of the implemented initiatives derived from the strategic roadmap built together by Management and Staff and with commitment and hard work, I am confident that we will succeed in transforming our Bank and strengthening our brand throughout the country. Our ambition is to leverage on our revamped set up, our new growth strategy and the new Societe Generale Group's Leadership Model values to enable SG Ghana become the preferred Bank in the country, chosen for the professionalism of its teams and for the quality of service it delivers to its customers. We intend to invest in 2016 and beyond in the development of our business, both for our Retail and Corporate customers”.

Mr. Yeo ended by saying that this growth strategy will help the Bank generate more revenue and improve profitability that will eventually be redistributed to all the stakeholders of the Bank.


Societe Generale Ghana

Societe Generale Ghana is one of the leading banks in Ghana with 41-networked branches across the country. The Bank provides Retail, Corporate and SME clients with dedicated innovative products and services aimed at anticipating customers' needs. The Bank is listed on the Ghana Stock Exchange and is a member of the Ghana Club 100.

The Bank is recognized for supporting individuals and businesses of various sizes and backgrounds to achieve their full potential. The Bank is the foremost innovator in the banking industry spearheading key reforms such as Doorstep Banking, Factoring, Foreign Exchange and Commodity Hedging, Consumer Credit Loan, Revolving Overdraft, ATM Cards, Internet and SMS banking, Safe Deposit Box and Insurance products, among others, to meet its customers’ needs. Societe Generale Ghana is a subsidiary of the Societe Generale Group.

Societe Generale Group

Societe Generale is one of the largest European financial services groups. Based on a diversified universal banking model, the Group combines financial solidity with a strategy of sustainable growth, and aims to be the reference for relationship banking, recognised on its markets, close to clients, chosen for the quality and commitment of its teams.

Societe Generale has been playing a vital role in the economy for more than 150 years. With more than 148,000 employees, based in 76 countries, we serve over 32 million clients throughout the world on a daily basis. Societe Generale’s teams offer advice and services to individual, corporate and institutional customers in three core businesses:

• Retail banking in France with the Societe Generale branch network, Credit du Nord and Boursorama, offering a comprehensive range of multichannel financial services on the leading edge of digital innovation;

• International retail banking, financial services and insurance with a presence in emerging economies and leading specialised businesses;

• Corporate and investment banking, private banking, asset management and securities services, with recognised expertise, top international rankings and integrated solutions.

Societe Generale is included in the main socially responsible investment indices: Dow Jones Sustainability Index (Europe), FSTE4Good (Global and Europe), Euronext Vigeo (Global, Europe, Eurozone and France), ESI Excellence (Europe) from Ethibel and 5 of the STOXX ESG Leaders indices.

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