FBNBank receives US$72.5m to meet BoG capital requirement

FBNBank Ghana Limited has received an amount of US$72.5 million from its parent bank, First Bank of Nigeria to shore up its capital to meet the Bank of Ghana’s new minimum capital requirement of 400 milion cedis.

In statement issued on Tuesday, by the Managing Director of the Bank, Mr. Gbenga Odeyemi said with this, FBNBank Ghana Limited is in a pole position with a strong financial base.

“FBNBank Ghana Limited is delighted to announce to its stakeholders, customers and the general public that it has received capital injection from First Bank of Nigeria Limited, its parent bank to enable it meet the Bank of Ghana’s revised minimum capital requirement for recapitalisation,” the statement said.

The bank said it is currently liaising with the Bank of Ghana and other government agencies in order to obtain the necessary approval.

This announcement will bring the number of commercial banks that have already met the 400 million cedis requirement to 22 as announced by the Governor of the Bank of Ghana, Dr. Ernest Addison.

Dr. Addison, at a press conference last week said 22 out of about 30 commercial banks had already met the requirement.

The Governor however indicated of two mergers.

Mr. Odeyemi further stated that, FBNBank Ghana Limited remains resolute in its quest to put its customers and stakeholders at the heart of the bank’s business

He maintained that the bank wants to be a first choice that delivers value and excellence.

FBNBank Ghana Limited is a subsidiary of First Bank of Nigeria Limited, a sub-Saharan African premier banking brand with over 124 years’ experience in banking and finance.

The bank currently has 19 branches and 2 agencies across the country.

Source: Citi Business News

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