Author: citibusinessnews

Antony Jenkins, the chief executive of Barclays, has been fired after falling out with the board over the pace of the bank’s cost cutting. [contextly_sidebar id=”bGJVLJunHZyoVlhzyovZezcad8ZKdYxu”]Board members are believed to have wanted bigger cost cuts and to improve the performance of its investment bank. Chairman John McFarlane said the bank needed to become more efficient:…

The Bank of Ghana (BoG) has increased the minimum paid-up capital requirement for obtaining a Tier 2 and Tier 3 Microfinance Institution License to 2 million cedis from 1 million cedis. [contextly_sidebar id=”tYQaVEv18ZAbVTDwEPEtRiHwQd8GYedP”]This forms part of a total review of the minimum paid-up capital of rural banks and microfinance institutions. The latest 100 percent increment…

Citi Business News can confirm that the case that was filed at the Supreme court over the launch of the adb Initial Public Offer (IPO) by a Member of Parliament has been officially withdrawn. [contextly_sidebar id=”Pl3lzcrXVVvtRiJ0vNwXLSaeJQxAGAYg”]The case was filed by the Member of Parliament for New Juaben South constituency, Dr. Mark Assibey-Yeboah who had insisted…

A few days after it emerged that management of the Agricultural Development Bank (ADB)had signed a Memorandum of Understand(MOU) with Atlas Mara Limited to cede 25 percent of the bank’s shares to the company for 50 million dollars, a similar deal has also surfaced. [contextly_sidebar id=”e3KePI5fTtCCEPJVjmw8TpnoYECq9uiD”]Documents cited by Citi Business News reveal another foreign equity…

The Minority in Parliament has accused the Agricultural Development Bank (adb) of pre-selling the bank to a foreign investor instead of selling its shares. The Minority’s spokesperson on finance, Dr. Anthony Akoto Osei told Citi News that signing a Memorandum of Understanding (MoU) with a prospective shareholder is not the normal practice when a company…