Sanitising the banking sector would breed confidence – SG Ghana MD

Accra The effort by government to clean-up the financial sector could generate bad feeling at the beginning but would breed confidence in the sector subsequently, Mr Hakim Ouzzani, the Managing Director of Societe Generale (SG) Ghana, has said.

He said the step would strengthen the sector and instill more hope and trust in the public for the sector, to give them self-assurance to transact businesses.

It would also enforce compliance in various ways including liquidity coverage ratio to stabilise and grow the Ghanaian banking sector, he added.

He said this in an interview with the Ghana News Agency at an event dubbed the End of Year Client Event organised by the bank to appreciate clients, most of whom were corporate entities and offer them a platform to network for business opportunities.

Mr Ouzzani said the SG Bank focuses on helping government to achieve the Sustainable Development Goals and were motivated to comply with directives to put customers first in all its operations.

He said it is prudent for businesses to contribute to national development, by protecting state resources and helping to reduce the unemployment rate.

In this regard, the Bank has put measures in place to use solar energy in most of its offices nationwide and given opportunity for Ghanaians to acquire about 40 per cent shares of the Bank.

He said SG Ghana intends to raise Euros 120 billion into energy transition between 2019 and 2023, out of which Euros 100 billion would be dedicated to sustainable bonds issues and Euros 20 billion to renewable energy sector through advisory and financing.

The Bank, he said would ‘reduce to zero’ its exposure to the thermal coal sector by 2030 for companies with thermal coal assets located in the European Union or the Organisation for Economic Cooperstion and Development countries and 2040 elsewhere, he said.

Mr Ouzzani urged all financial institutions and corporate institutions to make the satisfaction of clients a priority if they wanted to excel.

He expressed gratitude to staff and clients and encouraged them to confront the bank whenever they encountered challenges in their transactions.

The MD said another way of contributing to socio-economic development was through corporate social responsibility activities, therefore, the Bank had partnered the Ghana Heart Foundation and the Royal Seed Orphanage Home to enable them to achieve their mandate.

Mr Ernest Kuetche, the Deputy Managing Director of SG Ghana, said the Bank has plans of diversifying its business into other sectors and stabilising their position in the Small and Medium-sized Enterprises sector in 2020.

Source: Ghana News Agency