THE Managing Director of the Agricultural Development Bank (ADB), Stephen Kpordzih has assured Ghanaians that the bank is being prepared adequately to go through its Initial Public Offering (IPO) process next year, insisting that the end result will be very beneficial to the country and its customers.
He noted that the listing on the Ghana Stock Exchange (GSE) was a means to basically give Ghanaians a sense of ownership, expand the shareholder base, and increase the equity base of ADB.
Mr Kpordzih gave the assurance at the opening of the bank’s new model branch at Tema Meridian, a business centre in the metropolis.
Mr Kpordzih who has been accredited of putting dynamism into the country’s largest agric and development financier (ADB) stressed: “We are determined to remain an indigenous institution, hence our choice to go to the Ghana Stock Exchange to raise additional capital. This will enhance access to funding and boost the competitiveness of ADB.
It is our expectation that Ghanaians will embrace the IPO when the eventual announcement is made” next year.
A successful listing of the bank, on the GSE will see the bank’s capital and branding improving.
Per the current share structure of the bank, the Bank of Ghana (BoG) has 48 percent shares, but ADB’s move to go public will see the central bank off loading its shares.
The BoG has been criticized over the years for owning shares in banks including ADB and the National Investment Bank, although it is a banking sector regulator.
Fortunately, Cabinet earlier this year approved for the bank to go public rather than looking for a strategic investor or a golden share.
On behalf of the board, management and staff of ADB, Mr Kpordzih thanked the Cabinet and the government as a whole, for this progressive decision.
He reminded the customers of the bank that; “as a bank we continually pledge to live up to your expectations and to keep faith with the trust reposed in us. What is more, ADB has enjoyed the tremendous custom of all and sundry and for that we are very grateful”.
Touching on the new branch, the MD indicated that the opening of the branch at Tema Meridian increases the bank’s branch network as a whole, and especially its presence in Tema and Ashaiman areas.
With the addition of the new branch, the bank now has four branches in Tema and Ashaiman and the aim is to bring ADB more closely to its clients.
Mr Kpordzih noted that; “Tema and ADB have a special relationship. Apart from the many heavy and light industries and the seaport, Tema is also recognized for its agricultural activities in the area which include crop farming, that is in the production of maize, cassava, cowpea and others. Livestock production is also on the rise here and the most importantly modern fishing for export has its bas in the fishing harbour”.
He therefore encouraged new customers most especially businesses involved in the agric sector to talk to them and come do business with ADB, promising them the best of banking services, greater comfort and convenience.
As part of the model branch opening, a special promotion dubbed ‘Deposit and Win promo’ was unveiled to reward loyal customers of the bank.
African Eye News
