Business News of Sat, 31 Mar 20184
We will meet BoG’s GHC400m minimum capital requirement deadline – GN Bank
Chief Executive Officer of GN Bank, Issa Adam has indicated that GN Bank is poised to meet the new minimum capital requirement of GHC400 million set by the Bank of Ghana.
The BoG, last year announced an increment in the minimum capital requirement of Universal Banks from ¢120 million to ¢400 million.
Commercial banks have been given up to December 2018 to meet the new capital which represents an increase of 233 percent.
There have been fears of Indigenous banks being unable to meet the requirement following the collapse of UT and Capital Banks as well as the subsequent takeover of Uni Bank, all indigenous banks.
However, CEO of GN Bank has assured that such fate would not befall his outfit.
According to Mr Adam, GN Bank has exceeded its target of GHC 54 million set for the first quarter of the year as parts of efforts to raise capital to meet BoG demands.
He hinted shareholders are injecting additional capital into the bank to give it a stronger balance sheet.