First Allied opens branch at Obuasi

Obuasi, Jan. 4, GNA - The First Allied Savings and Loans Company, one of the fastest growing financial institutions in the country, has outdoored its fifth branch in the Ashanti Region and the ninth nationwide. The Company, to mark the event, paid a special tribute to its valued customers not only for their loyalty but pieces of advice and admonishment that have kept the entity going and expressed the hope to forge ahead in spite of the stiff competition.

Speaking at the opening ceremony in Obuasi, the Managing Director of the company, Mr. Philip Amakye said despite the increasing number of financial houses and institutions in Ghana, macro economic stability and seeming availability of credit, majority of people in the informal, micro, small and medium scale vocation continue to cry for efficient financial services delivery.

"We see the challenge and we pledge to be further innovative, particularly in our products development and credit management services," Mr Amakye stressed Touching on the company's performance in its eleventh year of existence, the MD stated that the company's deposit base as at November 30, 2007 was GH=A2 19,986,134 while customer base had reached 117, 120. Mr Amakye said with the staff strength of 378 nationwide, the outstanding loan portfolio stood at GH=A2 16, 032,835 with net fixed assets of GH=A2 1,480, 393 while shareholders funds hit GH=A2 25, 289,880. According to the Managing Director, despite the giant strides that the bank has made over the past eleven years to be ranked among the leaders in the savings and loans sector, the company was not going to be complacent but would become the people's banker of choice, a true friend in times of financial need.

He promised that the company would continue to live by its motto-- "we lend a helping hand," giving the assurance further that the bank was ready to reach out to the small scale enterprise sector in Obuasi with its broad range of services and products designed to meet varying need of the savings and loans sector.

In his remark, Mr. Chris Appau, Special Guest of Honour, who is also the manager of the Kumasi branch of the Bank of Ghana, commended the management of the First Allied Savings and Loans company for its contribution to credit delivery to the SME sector in particular and the non-bank finance sector, generally.

He also advised the general public on the proper handling of the new Ghana cedi notes to prolong their lifespan. The Chairman of the occasion, the Rt. Rev. Thomas Kwaku Mensah, Catholic Bishop of Obuasi, while wishing First Allied well, commended it for locating a branch at Obuasi.

He also observed the rapid growth and competition generated in the financial sector as healthy for quality product development and customer service. The Bishop then called on banks to make their services accessible to the larger un-banked public. 04 Jan. 08

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