Tag: minimum capital
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Fidelity bank records GH¢164m in profits for 2018
Fidelity bank posted a profit after tax of 164 million cedis in 2018. This is 82 percent higher compared to the previous year’s performance. Within the period, the bank also worked to reduce its exposure to impairment by 17 percent. The management attributed the development to its strengthened credit risk policies. Speaking to Citi Business…
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Plans to recapitalize ADB threatens merger with NIB
It is emerging that the proposed merger between ADB and NIB may not come off following a recapitalization plan outlined by ADB. The Finance Minister, Ken Ofori Atta has stated of plans to establish a National Development Bank with the merger. The latest comes with about three weeks to the deadline for the minimum capital…
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adb workers want President to pull breaks on merger with NIB
The Professional and Managerial Staff Union (PMSU) of adb has petitioned President Akuffo Addo to intervene in the planned merger of adb and NIB into one entity. The workers’ union is protesting the creation of a National Development Bank through a merger of the two state owned banks. Meanwhile the Minister of Finance says the government is yet…
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‘We are not collapsing’ – Prudential bank assures customers
Local bank, Prudential bank is urging its customers to ignore reports cautioning them to withdraw their deposits because the bank is near collapse. According to the bank the publication is false and should be ignored because they are mere fabrications calculated to destroy its image. The bank further states that it has never experienced any…
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GH¢400m capital: Remaining 3 months optimum for banks
Barely three months to the deadline for meeting the minimum capital requirement for banks still presents an opportunity for more banks to hit the mark. That is the assertion of Banking Consultant, Nana Otuo Acheampong. He explains to Citi Business News the banks whose capital may not have reached the 400 million cedis level, still…
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Gov’t, Finatrade’s GH¢220m debt led to our collapse – Royal bank
The Royal bank is blaming the government for contributing to the bank’s woes and subsequent revocation of its license. The bank believes it would have been avoided in the consolidation had the government paid its 150 million cedis debt to the bank. A report on the Royal bank’s correspondences with the central bank to resolve…
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Barclays bank meets GH¢400m minimum capital
Barclays Bank Ghana Limited has stated that it has met the 400 million cedis minimum capital requirement. The Board Chairman of Barclays Bank Ghana, Charles Cofie disclosed this in a statement on Absa Group’s first half results for this year [2018]. According to him, Barclays was among the first banks to meet the target without…
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BoG targets lower interests with GH¢400m capital
Governor of the Bank of Ghana, Dr. Ernest Addison has assured that the increased minimum capital requirement will result in reducing the lending rates by banks. Dr. Addison argues that the requirements will create stronger banks which will lead to bigger banks and lower unit cost. “Lending rates are still high but the explanations are…
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First Atlantic Bank gets new investor
Advanced Finance & Investment Group, manager of AFIG Fund II is set to commit some investments into the operations of First Atlantic Bank. The move is however subject to regulatory approval. A statement by First Atlantic Bank indicating the finalizing of the agreement between the two institutions said, ‘AFIG Funds’ investment in First Atlantic Bank…
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Bank loans to dip over new minimum capital
The rise in the minimum paid up capital for commercial banks will further restrict lending to the private sector at least within the short to medium term. The development should be expected due to the operations of commercial banks which have limited the amount of credit offered businesses. The caution comes on the back of…