Category: Banking And Finance
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EOCO retrieves GHC51m for GRA
The Economic and Organized Crime Office (EOCO) says it has recovered over GHC 51 million for the Ghana Revenue Authority(GRA), from corrupt individuals and businesses in 2018. Speaking at a Multi-Stakeholder Business Integrity Breakfast meeting in connection with the Anti-Corruption and Transparency Week, the Executive Director of EOCO, K. K Amoah stated that, with the…
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First National Bank to rely on parent company to meet capital requirement
First National Bank Ghana, has announced that its parent company FirstRand Limited in South Africa will help the bank meet the new minimum capital requirement of Four Hundred Million Cedis. A statement from the bank copied to Citi Business News said, “First National Bank is committed to serving the needs of our customers in Ghana”…
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IMF boss Christine Lagarde visits Ghana on December 16
The Head of the IMF, Christine Lagarde is scheduled to visit Ghana ahead of the country’s completion of the program with the Fund. Miss Largarde’s trip to Ghana is scheduled for December 16 to 18, 2018. Deputy Information Minister, Pius Hadzide disclosed this at a media briefing on Wednesday [December 12, 2018]. According to him,…
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ADB seeks shareholders’ approval to raise GH¢380m for recapitalisation
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…
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The Seed Funds partners Kenya’s 4G Capital NxtGen
The Seed Funds (TSF) Savings & Loans company limited, has partnered with 4g capital (a Kenya based Mauritius registered) fintech company to launch the NXTGEN platform in Ghana. NXTGEN platform will enable TSF get deeper the underserved MSME sector across Ghana in an automated and cost effective way. TSF will use the NXTGEN platform to…
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Energy Bank-First Atlantic Bank merger needs additional investor—Consultant
A Banking Consultant, Dr. Richmond Atuahene has stated that the proposed merger between Energy Commercial Bank and First Atlantic Bank will require strategic investors to meet the 400 million cedis capital requirement before the deadline. Describing the issue as crucial, he maintained that the two banks have little time to seek new investors hence must…
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India central bank governor resigns amid rift with govt
India’s central bank governor unexpectedly resigned amid public clashes with the government, roiling markets and igniting fresh speculation over how independent the institution is from politics. Urjit Patel quit, citing “personal reasons,” ahead of a board meeting on Friday, at which government representatives are expected to push the Reserve Bank of India to do more…
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Energy Commercial bank, First Atlantic Bank to merge for GH¢400m capital
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…
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Energy Commercial bank IPO fails; seeks strategic investors
Energy Commercial Bank is presently in discussions with some strategic investors to acquire a stake in the bank through a private placement in order to meet the Bank of Ghana’s minimum capital requirement of 400 million cedis. The discussions are expected to be completed soon to enable the bank meet the December 31 deadline. A…
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Energy Bank engages strategic investors to meet capital requirement
Energy Commercial Bank is presently in discussions with some strategic investors to acquire a stake in the bank through a private placement in order to meet the Bank of Ghana’s minimum capital requirement of GHS400 million. The discussions are expected to be completed soon to enable the bank recapitalize to the tune of GHS400 million…