WCSS SG GHANA II (IFC-39486)

Countries
  • Ghana
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 28, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
SOCIETE GENERALE GHANA LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Mar 15, 2017


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Project Description

IFC is offering Societe Generale Ghana ("SG Ghana" or "the Bank") a senior loan of up to US$20 million with a maturity of 1 year, renewableup to two times at IFC’s discretion for a total period of 3 years. The purpose of the proposed IFC investment is to support and expand the Bank’s trade related US dollar short-termfinancing to corporates. SG Ghana is a tier II universal bank in Ghana. The Bank, formerly known as SG-SSB Limited, was incorporated in Ghana in 1976 with the Social Security and National Insurance Trust ("SSNIT") as its sole shareholder. In 2003, SG Financial Services Holding, a wholly owned subsidiary of SocieteGenerale (SocGen), acquired 51% of the capital of the Bank and became the majority shareholder. SocGen increased its stake to 52.24% in 2009 then to 56.67% through a rights issue in November 2016. The Bank is listed on the Ghana Stock Exchange ("GSE") and provides banking services to corporate, retail and SME clients through a network of 42 branches across Ghana.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Societe Generale, the majority shareholder of SG Ghana, is the third largest French bank by total assets, second by market capitalization and one of the leading financial services groups in Europe across 76 countries. As of December 2016, other major shareholders of the Bank were SSNIT with an 18.95% stake and Mr. Daniel Ofori with 7.28% ownership in the Bank.

Contact Information

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/