FBN Bank Ghana Confident of Meeting Minimum Capital Requirement

Head of Retail banking of FBN Bank Ghana, Eric Fia speaking at the bank’s promo awards ceremony in Accra

Accra, Ghana, July 10, 2018//-FBN Bank Ghana has assured its costumers that it is confident of meeting the Bank of Ghana’s minimum capital requirement this year.

The Bank’s head of retail banking, Eric Fia who gave the assurance in an interview said: “I can assure you that we are 100% ready to meet the minimum capital requirement”.

The Bank’s Group Managing Director was here and promised all Ghanaians that we will meet the Bank of Ghana’s (BoG’s) minimum capital requirement”.

He added that; “FBN Bank is a biggest bank in Nigeria with a very big balance sheet size. So, with the GHC400 million BoG’s minimum capital requirement, we don’t have problem at all.

So, we are sure that any moment from now this GHC400 million is going to drop”, Mr Fia stated.

On how the bank is going to mobilise the GHC400, he intimated that fraction of the amount would be raised in Ghana, while the greater chunk would come from the FBN Bank Ghana’s parent bank in Nigeria.

According to him, three squares of the amount is going from the parent bank, while the remaining is expected to be raised in Ghana.

The BoG announced last September that all 34 banks in the country have up to December 31, 2018 to increase their minimum capital from GHC120 million to GHC400 million.

This means all banks, foreign, local-foreign partnership and wholly-Ghanaian-owned (indigenous) have only one year, three months to raise an additional GHC280 million each to meet minimum capital requirement.

Some of the big foreign banks have announced that they are ready to pay way ahead of the deadline, but the smaller banks, mostly the indigenous ones are asking for more time otherwise they face either eventual collapse, buy outs by foreign banks or mergers that will reduce local stake in the financial industry.

African Eye Report

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