Business News of 2014-07-16

Cal Bank, PROPARCO partner to grow SME sector

The Managing Director of CAL Bank, Mr Frank Adu Jnr, has stated that the bank’s relationship with PROPARCO, an investment and promotions company for economic cooperation, has enhanced the growth of Small and Medium Enterprises (SMEs) in the country.
He said through the company’s support, the bank had been able to foster long-term investments in the country. Mr Adu said this when the bank signed a US$28.5 Tier II facility agreement with PROPARCO at a ceremony in Accra.
The deal, which was signed by Mr Adu and Mr Julien Lefileur, Regional Director for West Africa, is to sustain the growth of CAL bank and its customers and also create a platform for its customers, especially the small and medium enterprises, to apply for credit facilities to improve their businesses.
He said CAL bank had highly skilled professionals and motivated staff who played very significant roles in the Ghanaian financial sector by providing wholesale banking services to corporate and retail clients.
Mr Adu noted that the Tier II Credit agreement, which strengthens the 20-year relationship the bank has had with PROPARCO, attested to the confidence it continued to repose in the performance and leadership of CAL Bank as a leading player in the Ghanaian banking sector.
He further noted that the achievement of that planned strategic milestone would enable the two bodies to continue to strengthen the financial position and enhance shareholder value.
He, therefore, pledged the commitment of management and staff of CAL Bank to continue to deliver the good performance it had exhibited to improve the businesses of its clients.
He added that the bank would continue to expand its performance base and increase its products to customers to enjoy value for their money and also enjoy their credit facilities for the growth of the economy.
According to him, the bank has included a retail banking arm to its operations with specialised products and services to cater for the retail market and is in the process of opening several branches in major cities and business districts in the country.
Mr Lefileur, for his part, also pledged his company’s commitment to strengthen CAL Bank's efforts towards providing reliable credits to its clients.
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