Energy Commercial Bank says it plans to float and list shares on the Ghana Stock Exchange to allow Ghanaian investor participation in the future direction of the bank.
Dr Jimoh Ibrahim, Board Chairman of the Bank, who made the announcement, said details of the initial public offering would be out in the next few weeks to open up the banks to investors from all segment of the Ghanaian society.
Speaking in an interview with a cross-section of journalists at a customer appreciation event in Accra after a meeting of the Board of Directors, Dr Ibrahim said the Board was not opening up the bank to the public because of the recapitalisation issue.
“Recapitalisation should not be a problem for Energy Commercial Bank because it is a member of a group of conglomerates. The group asset is about two billion dollars. The net value of the Bank in Ghana is huge following seven continuous years of profit,” he said.
Dr Ibrahim said while the Bank had received three offers to completely buy it out, the Board had chosen the option to list to offer an opportunity for Ghanaians to own a part of the company.
He said on successful execution of the IPO, he would resign his position as Board Chairman after seven years of being in the helm of affairs and give the chance to a new person to inject freshness in the running of the Bank.
Mrs Christiana Olaoye, Managing Director and Chief Executive Officer, said the Energy Commercial Bank would meet the new minimum capital requirement before the December deadline.
The Bank of Ghana has mandated that all Banks increase shareholders’ funds to a minimum GHȼ400million before the end of 2018.
“We have already commenced the journey to recapitalization, and can assure you that we will reach our destination well before the date of 31st December set by the Regulator. We will also continue to grow our business in line with international best practices and procedures,” she said.
Mrs Olaoye said to serve customers better and earn your continued custom and loyalty, the Bank was continuously seeking to expand its product and service capabilities, offering end-to-end banking solutions across all facets of the value-delivery process.