The Royal Bank says it is ready to meet the Bank of Ghana’s GH¢400 million minimum capital requirement by the end of the year.
According to the Board Chairman of the Bank, Prof. Bill Buenar Puplampu, management of the bank has put in measures to inject more capital into its operation by the end of the year.
Speaking to journalists at the Bank’s 5th anniversary at its head office in Accra, Shiashi, Mr. Puplampu said the board and management have devised a number of strategies to satisfy the Central Bank’s requirement.
Last year, after the collapsing of two banks; UT Bank and Capital Bank, the Bank of Ghana announced an increment of the minimum capital from 120 to GH¢400million.
The announcement sent many banks to their boardroom to re-strategize and meet the deadline by December 2018.
But the Board Chairman of The Royal Bank, Prof. Puplampu says, the Bank of Ghana needs to restructure the deadline.
“We are saying that give us a variegated approach to the same cut off point. That is what we are saying. It may be that the Central Bank comes back and say that; for local banks or tier two or tier three banks you arrive at it in December 2019; for others you arrive at it in December 2018; and instead of perhaps saying 400 million in December 2018, December 2018 becomes 250 million,” he said.
He added, “So if you just talk about extension it is one track; that is not what we are saying. Let us sit and look at it in a different way; as I say, different stroke for different people.”
The bank in its few years of existence has made significant stride in the Ghanaian banking sector as well as in the health and educational front through its corporate social responsibilities.
The 5th-anniversary celebrations will be climaxed with a thanksgiving service for the entire staff of The Royal Bank at the forecourt of its head office.
Mr. Osei Asafo-Adjei, Cheif Executive Officer, The Royal Bank, stated at the event that the bank during its five years of operation has created jobs, provided support to small and medium enterprises and deepened financial intermediation in the country. He credited the Bank’s success to its shareholders, board of directors, management, cherished customers and able staff.
Source: Ghana/StarrFMonline.com/103.5FM/Osei Owusu Amankwaah
