The management of First Bank of Nigeria Limited has confirmed that the recapitalisation of its wholly-owned subsidiary, FBNBank Ghana, to the revised minimum capital requirement, was progressing according to plans.
This is on the back of the directive issued by the Bank of Ghana (BoG) on September 11, 2017, to all banks in Ghana revising upward the minimum paid up capital to GH¢400 million, with a compliance deadline of December 31, 2018.
Dr. Adesola Adeduntan, Managing Director and Chief Executive Officer, First Bank of Nigeria and Subsidiaries, in a statement copied to the Ghana News Agency in Accra on Monday, said, “The Group is committed to ensuring the full capitalisation of FBNBank Ghana, ahead of the deadline.”
He said FirstBank was confident that the BoG’s directive would enhance the capacity of banks in Ghana to support local industries and sustainable economic growth.
“The capitalisation will immediately scale FBNBank Ghana to the fourth largest bank in the Group, with complete access to the innovative capabilities and global resources of FirstBank in eight countries and three continents to deepen customer reach, broaden offerings, and accelerate growth of our banking business in Ghana,” he added.
The bank has over US$15 billion in assets, and US$1.9 billion in shareholders’ funds, as at December 31, 2017.
He said FirstBank has consistently built relationships with customers, focusing on fundamentals of good corporate governance, robust liquidity, effective risk management, and strong capitalisation.
The bank provided an array of world-class financial offerings to over 15 million corporate, small businesses and individual customers, with an extensive network of over 800 business locations and 2,600 ATM’s across Africa, Europe and Asia.
FirstBank was in 2018, again, named one of the 500 leading global banking brands.