Business News of 2014-01-07

First Caiptal Plus Bank to be among top five

The Chief Executive Officer of the First Capital Plus Bank (FCP), Mr John Kofi Mensah, says the bank will, in 2014, begin implementing its five-year strategic plan on the theme ‘Hyper Acceleration: World Class Banking.’ He said the aim was to become one of the five top banks by the end of the plan.

According to him, the year 2014 will be the stepping stone to the achievement of the company’s strategic goal and this involves the re-alignment of the company’s balance sheet to ensure significant reductions in lending rates while using innovation as a key competitive strategy.

Speaking on the banks expectations for 2014, Mr Mensah said the bank’s dealings with the Small and Medium Enterprises (SME) sector had propelled it to achieve some phenomenal successes and as such the SME sector will continue to be the bank’s core target segment.

“What the Universal Banking status offers us is an opportunity to offer more tailor-made products to the growing needs of the SME market with solutions we were hitherto legally constrained from directly providing,” he stressed.

With regard to the financial services industry, Mr Mensah predicted that First Capital Plus’ elevation from a Non-Bank Financial services provider to a universal bank would motivate other non-bank financial services companies to strive to do their best.

This, he argues, will lead to higher standards which in turn will lead to higher performance and overall growth in the sector while ensuring quality financial intermediation.

Overview of 2013 Operations

Meanwhile, the latest entrant into Ghana’s Banking industry, FCP, has classified the year 2013 as momentous because of what it described as the ‘important milestones’ the bank, then a savings and loans company, achieved within the year.

According to the bank, the crowning moment for 2013 was in December when the company officially announced the acquisition of a universal banking licence from the Bank of Ghana to become the 27th universal bank in Ghana effective August 2013.

In the year under review, the bank received a number of awards and also extended its branch network from nine to 15.

In September 2013 the company was awarded The Best Non-Bank Financial Services company for 2012 by the Chartered Institute of Marketing Ghana (CIMG) in recognition of it’s orientation to marketing and technological innovation, investment in Corporate Social Responsibility and strong financial performance.

The Head of Marketing and Corporate Affairs of FCP, Nana Yaw Kesse, told the GRAPHIC BUSINESS “the timing was both strategic and divine because it happened at a time when the company was preparing a strategic elevation into Ghana’s banking industry.”

In September 2013 the CEO of the bank, Mr John Kofi Mensah, was given a corporate merit award at the 6th TNG Corporate Merit Awards 2013 for his outstanding contribution to Ghana’s banking industry.

The New Ghanaian (TNG) Corporate Merit Award is an award which honours leading organisations and personalities that have distinguished themselves in various fields of operation in Corporate Ghana.

In October 2013, First Capital Plus was awarded as the 10th best performing company for the year 2012 and the best in the Non-Bank Financial Institutions sector at the prestigious Ghana Club 100 (GC100) Awards organized by the Ghana Investment Promotion Centre (GIPC).

Commenting on the achievements, Mr Kesse said “though we knew our financials were solid and we were market leaders in the Non-Bank industry, our entry at number 10 was a pleasant surprise as we were making a maiden appearance in the GC100 Awards.”