Vice President urges banks to operate in rural areas

Accra, Sept 30, GNA- Vice President John Dramani Mahama has appealed to banking institutions to extend their operations into rural areas as a way o= f complementing the government's efforts in rural development. He said their concentration in the towns and cities was not helpful to the partnership that was expected between government and corporate bodies i= n infrastructure development.

Vice President Mahama made this appeal during the re-launch of Amalgamated Bank of Africa in Accra.

The launch marked the completion of the transfer and change of the name of the bank when Bank of Africa acquired majority interest on February 2. Vice President Mahama said banks' movement into rural areas would not only create awareness for them to adopt banking procedures and cultivate th= e culture of saving but would also create employment and curb the perennial rural-urban drift of the youth in search of jobs.

He called for cooperation between the government and the banks to suppor= t the development and growth of roads, railways and other facilities throughout the country. Vice President Mahama appealed to the bank not to change its support fo= r contractors with the change of name and management and suggested to the ban= k to initiate banking products and services that would distinguish it from it= s competitors.

Mr Kobby Andah, Managing Director of the Bank, said the bank had 15 commercial banks in the country, three leasing companies, two life assuranc= e companies, two investment companies and one each of brokerage firm, mortgag= e bank and Information Technology subsidiary.

He gave the assurance that the bank would continue to support contractor= s as their predecessor did to enhance accelerated development in Ghana and beyond.