Business News of 2014-08-11

The Royal Bank to support 50 deprived communities

The Royal Bank (TRB) has established a foundation, TRB Foundation, with its initial task to provide 50 boreholes in 50 deprived communities in need of clean water in the country.

The move is to address the water problems faced by people in those communities.

Subsequently, the foundation has been able to secure the support of a global haulage company to provide drilling machines for the exercise in the communities.

The Board Chairman of the bank, Dr Kofi Kodua Sarpong, announced this at the launch of the foundation in Accra.

According to him, the setting up of the foundation was in line with Royal Bank’s corporate vision to bring real difference to the banking industry.

The TRB foundation seeks to champion social activities and communal projects that would create a positive impact on the communities in which it operates.

It also seeks to enhance responsibility for the company’s actions and encourage positive impact through its activities on the environment, consumers, employees, communities, stakeholders and the public as a whole.

The focus areas of the foundation include health, water and sanitation, education, culture and sports.

The Managing Director of the bank, Mr Robert Kow Bentil, said the foundation was in fulfilment of the vision of the founder of the bank, Alhaji Adamu Iddrisu, to give back to society.

Funding

According to the head of financial control and strategy of the bank, Mr David Okyere Nyarkoh, funding for the activities of the foundation would come from various sources.

First, the bank will make an annual budgetary provision for the operations of the foundation. The quantum of the annual provision shall be determined by the board of the bank.

The founder believes that as the bank makes some profit annually, it needs to transfer a portion of that into the foundation.

He said the board of TRB might allocate a percentage of the bank’s profit before tax for the activities of the foundation while staff members would also have the opportunity to make monthly contributions to the foundation.

Source: graphic.com
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