Business News of Tuesday, 30 March 2004
Accra, March 30,GNA - SSB Bank Limited is to be known as SG-SSB Limited following the approval of a resolution to this effect by shareholders at its Annual General Meeting in Accra on Tuesday.
The name change is to reflect the current shareholding structure of the Bank, which has Societe General, represented by Genetific, as the majority shareholder with 51 per cent shares. It is also to show the new direction and purpose of the new shareholding and a strong brand name that would be able to attract global patronage.
Addressing shareholders in Accra, Mr Pierre Andre Taulet, Managing Director, said the Bank made a profit after tax of 87.9 billion cedis from the 2002 figure of 71.4 billion cedis. This represents a 23 per cent increase over the previous figure. Shareholder fund increased by 117.1 billion cedis, a rise of 26 per cent over the 259.2 billion cedis posted in 2002. Total assets grew by 22 per cent from the 2002 position of 1,712.6 billion cedis to 2,089.8 billion cedis in 2003.
Mr Taulet said deposit mobilization increased to 1,263.3 billion cedis from the 1,021.6 billion cedis in 2002. The Chairman of the Bank, Mr Gerald Lacaze said the name SSB was maintained, "because it is a strong local brand, which has made a mark in the banking industry in Ghana, and which cannot be erased". He said the SG Brand was also a strong international brand, "which brings to SSB, financial strength and partnership with a Euro Zone leading Bank.
"Both SG and SSB are complementary to each other and it is a promise of a rewarding relationship of all stakeholders," he said. Mr Lacaze said the Bank expects tight monetary and fiscal stance, despite the fact that 2004 was an election year.