Tag: Minimum capital requirement
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Serene Insurance to meet Ghc50 million capital requirement by 2nd quarter of 2020
Serene Insurance says it is set to meet the new minimum capital requirement of 50 million cedis for insurance companies by the end of the second quarter of 2020. Serene Insurance, which is a member of the First Sky Group, was launched in September 2018 after it was licensed in April. The Chief Executive Officer…
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NIC raises minimum capital requirement for insurance companies by over 200 percent
The National Insurance Commission (NIC), the insurance industry’s regulator, has increased the minimum capital requirement of insurance companies by over 200 percent. A statement issued by the commission said the increment comes after a series of consultations with stakeholders since 2017. It said it also considered the developments within the financial landscape over the period.…
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First Atlantic Bank meets minimum capital
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…
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CAL Bank gets shareholders’ backing to meet minimum capital
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…
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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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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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Banks’ recapitalization impacts dividend payment to 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…
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SEC approves Energy bank’s IPO to raise GH¢340m
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…
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Banking sector cleansing is for stronger local banks–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…
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Ecobank meets GH¢400 minimum capital
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…