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Business News Fri, 28 Dec 2018

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CAL Bank meets GHC400 million capital requirement

Shareholders of CAL Bank have approved a resolution for the bank to transfer GH¢50 million from income surplus to stated capital, helping the bank to meet the Bank of Ghana’s minimum capital requirement ahead of the 31st December deadline.

The transfer would bring CAL Bank’s state capital to GH¢400 million as prescribed by the Bank of Ghana.

In a press release issued by the Bank, CEO of CAL Bank, Mr. Frank B. Adu Jnr stated: “We are delighted that our shareholders have given us this mandate today to transfer these funds to enable us fulfil the new minimum stated capital requirement of GH¢400 million before 31st December 2018.

By doing this, CAL Bank would have fully complied with the BOG’s directive on minimum stated capital. We are especially proud to have achieved this without raising fresh equity as our profit-driven strategy over the decades has enabled us accumulate healthy income surplus balances. We look forward to continuing our profitable operations as we enter our next 3-year strategic period commencing in 2019,” he said.

The statement was signed by the Bank’s head of Investor Relations, Ms. Dzifa Amegashie.

Source: ghananewsagency.org

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