Business News of 2014-01-15

New look adb ‘outdoored’

The Agricultural Development Bank (adb) has unveiled a new logo as part of its strategic plans to transform the bank into a more profitable financial institution.

Speaking at the launch, the Managing Director of adb, Mr Stephen Kpordzih, said the new look reflected the resolve of the bank to modernise.

New Logo

The new logo has the acronym and full name of the bank written in low case.

The old slogan has been reinforced to “truly agric and more” and the colour green dominates the logo, with a leaf lying on top of the first alphabet of the acronym.

Mr Kpordzih said the rebranding of the bank marked the renewed spirit of banking in the country. He added that adb had embarked on a change agenda which had ensured massive infrastructure development and the enhancement in its products and services.

Awards

In 2013, the adb won 13 awards. Between 2010 and 2013, the bank won more than 30 awards.

“On account of such significant recognition, adb has evidently outgrown its identity, hence the need to refresh its identity, improve its look and feel, and present its modern face to the country and the world at large”, Mr Kpordzih said.

The adb was established in 1965 by an act of Parliament to meet the banking needs of the agricultural sector in a profitable manner. Before its current name, the bank was known as the Agricultural Credit and Co-operative Bank. The bank changed its name in 1970, when the parliamentary statute was amended to grant the institution full commercial banking status.

As of April, 2010, adb was the leading financial institution in agricultural financing in Ghana, responsible for 35 per cent of the total banking industry’s financing of agriculture. In September, 2010, the bank was recognised as Bank of the Year at the Africa, Investor Agribusiness Awards in Durban, South Africa; the first institution, at this annual event. The total assets of the institution at the end of December, 2011 were valued at approximately US$683.6 million (GH¢1.21 billion).

Minister of Finance

Mr Kweku Ricketts Hagan, a deputy Minister of Finance, who represented the Minister of Finance, Mr Seth Terkper at the ceremony, said adb had played an essential role in ensuring the development of the agricultural sector.

He also said the bank had to be repositioned to operate with a much bigger capital base, adding that “the adb’s request for a public floatation is receiving serious attention and that the government will very soon make its decision known”.

According to Mr Hagan, the rebranding exercise undertaken by adb would attract new customers and also widen their footprint in the banking industry.