First Atlantic Bank says it’s ready to meet GH¢400m minimum capital

First Atlantic Bank says it is ready to meet the GH¢400 million minimum capital requirement ahead of the Bank of Ghana’s (BoG) deadline.

The Central Bank has set December 31, this year, as the time by which all commercial banks should comply, but First Atlantic, said it could do that in the next two months – June.

Mr. Odun Odunfa, its Managing Director and Chief Executive Officer, announced this to journalists on the sidelines of a breakfast meeting with some of their customers in Accra.

He said they had made arrangements to increase the bank’s capital before the BoG’s directive.

“We started the journey to increasing our capital even before the Bank of Ghana came out to announce the directive. 

An equity firm has made commitment to us, we know they will keep, like they have kept in the past, and the plan is unfolding very well, we have no issues at all meeting the requirement.” 

The meeting was held under the theme: “Wealth creation through portfolio diversification”.

It sought to assist the participants with everything they needed to know about how to diversify their investment portfolios to create more wealth.

Mr. Odunfa said the bank was one of the fastest growing in the country with one of the highest liquidity ratio in the industry.

The vision was to build a global bank out of Ghana and he said they were “very hopeful of achieving our goal.”

Mr. Kojo Addae-Mensah, Chief Executive Officer, Data Bank, encouraged individuals to diversify their investment portfolios depending on the risk they would be able to bear.

He mentioned government securities, stock market, real estate and mutual funds as some of the investment avenues available.    

“It is very important for an investor to know the objective for a particular investment and must also know one’s risk tolerance level.” 

Mr. Karen Akiwumi-Tanoh, Board Chairman, First Atlantic Bank, said it would continue to develop products and services to satisfy the growing needs of customers.

Source: GNA

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