Cal Bank has announced it has met the GHC400 million minimum capital requirement set by the bank of Ghana.
“One of the primary objectives of the bank these past few weeks is to meet the minimum capital requirement set by the Bank of Ghana by December 31st, 2018. I am pleased to announce to you, that due to your hard work and commitment, we have met the GHC400m minimum capital requirement of the bank,” MD of the bank Frank Adu Jr. announced at a staff thanksgiving service Sunday.
It comes after the bank revealed plans to transfer GH¢50 million from its income surplus to increase its stated capital to meet the GH¢400 million requirement.
Meanwhile, the Financial Reforms Group (FRG), a financial WATCHDOG GROUP has described as a good step First Atlantic Bank’s merger with Energy Bank which it says shows the seriousness and love that the two top financial Institutions attach to their clients and customers.
The group commends the two banks for implementing sustainable banking principles in the country over the years and deciding to merge under the on-going consolidation in the banking industry.
The Bank of Ghana (BoG) is reported to have given a “no objection” to the planned merger talks between First Atlantic Bank and Energy Commercial Bank. The Central Bank’s green light was communicated after it was secured on Friday, December 14, 2018.
In a statement, FRG said the permission granted by the Central Bank for a green light for the two banks to merge is good news for Ghanaians and Customers of both banks, in order to meet the new minimum required capital to operate in the Country.