Shareholding of The Trust Bank (TTB) as Ecobank tries a Takeover

The Trust Bank (TTB), with about 20 networked branches covering Ghana,  is undergoing a takeover by Ecobank which most people including the Coalition for the Protection of Individual and Constitutional Rights are against. Meanwhile, shareholders of TTB, are strongly in favour of the takeover by Ecobank, the leading Pan- African Bank. Who then owns TTB?

The shareholding structure of TTB reveals that, The Social Security and National Insurance Trust (SSNIT), the single largest pension fund in Ghana is the largest shareholder with about 61.11% stake. SSNIT, with reference to the recent pressure from pensioners supports the takeover. 
The second largest shareholder is Compagnie Africaine de Financement et de Participation (COFIPA), a Paris-based investment company owned by West African businessmen. COFIPA has also agreed to the takeover by Ecobank. 

 The Trust Bank which remains one of the fastest growing banks in Ghana gained so much trust from Ghanaians and that reflected in the Total Bank Deposits rising from about 39.17million GH cedis in 2003 to about 239.55 million GH cedis in 2010.


The 3rd largest shareholder of TTB is FMO – The Netherlands development finance company,which has about 10.00% stake. FMO, like other shareholders have voted in favour of the takeover by Ecobank.
The Ghana Reinsurance Organisation remains the second major local shareholders of The Trust Bank. It has about 9.39% stake in TTB making it the 4th largest shareholder. With a stand just like SSNIT, Ghana Reinsurance Org. supports the takeover despite the rumour that the Minister of Finance, Dr Kwabena Duffuor, has blocked the takeover.


Africa Tiger Mutual fund, an investment company registered in Ghana, is the smallest shareholder of TTB. And with 6.00% stake, it stands to be the 5th and the 3rd local shareholder of TTB.


Only time can tell whether the sale of TTB to Ecobank Transnational Incorporated (ETI) would be successful. 

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