The Bank of Ghana has approved the sale of SSNIT’s interest in First Atlantic Merchant Bank to a Nigeria-based equity-firm Kaderi Nominees.Joy Business has learnt the approval was secured last week from the Central Bank.
This will now see Kaderi take over SSNIT’s 50 percent stake in the bank. First Atlantic thus becomes the second bank SSNIT is working to offload its stake in after the TTB.
Sources at SSNIT have told Joy Business they want to sell off their holdings in some banks because it has become increasingly difficult to meet their commitments. They argue the implementation of the pension reforms has resulted in a dip in their investments – necessitating such initiatives to generate more yields from their investments.
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