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Tag Archives: Minimum capital requirement

First Atlantic Bank meets minimum capital

First Atlantic Dzorwulu

First Atlantic Bank has announced that it has met the 400 million cedis minimum capital requirement. According to the bank, its new capital position exceeds the 400 million cedis. In a statement to confirm the bank’s new position, the bank said it will continue to be a credible and dependable financial partner to all its customers both existing and prospective. ...

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CAL Bank gets shareholders’ backing to meet minimum capital

Frank Adu Junior - MD, CAL Bank

Shareholders of CAL Bank have voted for the bank to move 50 million cedis from its income surplus to stated capital in order to meet the minimum capital requirement. This was at an Extraordinary General Meeting held on Monday [December 17, 2018]. This also follows the bank’s decision to solely rely on capitalization of income surplus in meeting the minimum ...

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ADB seeks shareholders’ approval to raise GH¢380m for recapitalisation

adb-logo

ADB has announced that it will embark on a renounceable right to issue to raise 383 million cedis to help it meet the minimum capital requirement. This decision is however subject to shareholders’ approval at the bank’s Annual General Meeting. The AGM is scheduled for Thursday, December 20, 2018. According to ADB, it is also to seek shareholders approval to ...

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Energy Commercial bank, First Atlantic Bank to merge for GH¢400m capital

merger pic

Energy bank and First Atlantic bank have begun merger talks in order to raise the 400 million cedis minimum capital requirement for banks. Citi Business News understands that a Memorandum of Understanding (MoU) has been signed awaiting further action from the two sides. Per the MoU, Energy Commercial Bank and First Atlantic Bank will join forces and then look for ...

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Banks’ recapitalization impacts dividend payment to SSNIT

Dr. John Ofori Tenkorang - Director General, SSNIT

The Social Security and National Insurance Trust (SSNIT) has disclosed that most banks it is a shareholder in, have been unable to pay dividends for last year due to the increase in the minimum capital requirement. The Director General of SSNIT, Dr. John Ofori Tenkorang explains to Citi Business News this has also affected the Trust’s projections of investments in ...

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SEC approves Energy bank’s IPO to raise GH¢340m

ENERGY-1024x617

The Securities and Exchange Commission (SEC) has approved for the Energy Commercial bank to issue an Initial Public Offering (IPO) to help it meet the minimum capital requirement for banks. The bank should resort to the investing public to raise 340 million cedis which represents about fifty percent of the company’s stake. Though SEC’s approval comes a month after the ...

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Banking sector cleansing is for stronger local banks–Nana Addo

nana addo

President Akufo Addo has stated that his vision for the banking sector is to have few but stronger local banks which can compete with their foreign counterparts. He has disputed claims suggesting that the administration is looking at creating avenues for foreign banks to thrive at the expense of local ones. Many arguments seeking the interest of local banks have ...

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Ecobank meets GH¢400 minimum capital

Ecobank-a1

Ecobank Ghana has announced that it has met the Bank of Ghana’s new minimum capital requirement for banks. The bank achieved this by transferring 190 million cedis from its income surplus to the stated capital. This means that its capital is now at 416.6 million cedis. Ecobank initially declared at its AGM in May 2018 of meeting the requirement by ...

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Compliance level for banks’ recapitalisation risky – Economist

Economist Dr. Lord Mensah

Economist, Dr. Lord Mensah has described as quite disappointing, the number of banks that are yet to meet the minimum capital requirement. According to him, the development shows how most of the banks are struggling to meet the deadline by end of year [2018]. “It is quite disappointing because banking operations is basically sourcing for funds and uses of funds,” ...

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Over a dozen banks yet to meet GH¢400m minimum capital

Ernest-Addison

At least fifteen (15) banks are yet to announce their position on meeting the new minimum capital requirement with four months to the deadline. This is because Citi Business News’ analysis has shown that six (6) banks have reached the target with seven (7) others undertaking various measures to recapitalize. The six banks include; the Consolidated bank, Republic bank, Access ...

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