ARB Apex bank holds AGM

Accra, June 25, GNA - The ARB Apex Bank Limited has solicited funds from the Danish Development Agency to support the merger process of Rural Community Banks (RCBs).

Board Chairman of the Apex Bank, Nathaniel Arthur who announced this said the merger would strengthen rural banks capitalisation, improve income generation and reduce costs among other issues.

Mr Arthur was speaking at the banks' ninth Annual General Meeting held in Accra on Saturday.

"To overcome the negative side, we need to focus more on the common good for our stakeholders and customers," he added.

He hinted that the Ghana Rural Banks Interconnectivity and Computerisation Project would cover all the RCBs by the end of the year.

He encouraged the banks to leverage on the investment received to position the banks to make maximum utilisation of the physical infrastructure and the capacity building component.

Mr Eric Osei-Bonsu, Managing Director of the Bank, said the financial entity recorded a net profit of GH¢1.8 million last year as against a profit of GH¢4.8 million in 2009 representing 62 per cent.

He said the assets of the bank grew from GH¢83.4 million in 2009 to GH¢ 128.4 million in the previous year while the stakeholders' funds grew from GH¢11.4 million in 2009 to GH¢16.7 in 2010 registering an increase of 54 per cent in 2009 and 46 per cent in 2010.

Mr Osei-Bonsu said the bank is development and implementing strategies to achieve new businesses to deliver winning products and services to the RCBs and the public while ensuring customer satisfaction.

"The ARB Apex Bank is involved in discussions with the African Development Bank for grant to commence work on the 50 acre plot of land at Nsoatre in the Brong Ahafo Region," he noted.

Mr Osei-Bonsu said the banking landscape continued to undergone frequent changes cutting across regulation, technology, competition and new products, adding that rural banks must be prepare to embraced these changes and their associated challenges.

He assured stakeholders that the bank would strive to provide the RCBs with cost effective services to justify the reason for its existence.

He urged management of rural banks to continue to invest in their staff to preserve and increase their human capital.

Mr K. B Asante, Board Chairman of La Rural Bank, called on government to support and implement appropriate policies for rural banks.

The stakeholders meeting accepted the appointment of Messrs Ernst and Young as the bank's new external auditors with GH¢0.0381 per share dividend recommended.