Skip to main content

ICB meets new capital requirement

By Kofi Ahovi
International Commercial Bank (ICB) has fully met the new Bank of Ghana (BoG) minimum capital requirement of GH¢60 million.

The newly appointed CEO of ICB, Sanjeev Anand, observed in a press statement that “the injection of fresh capital reflects the confidence shareholders have in the bank in particular and the economy in general.”

He added that the bank is poised in expanding its business and consolidating its excellent customer relations for improved value creation for stakeholders.

The new minimum capital requirements are to be met in stages, involving different minimum capital levels for indigenous and foreign banks, during the first stage which had December last year as its deadline, but a common minimum capital level by the end of the second and final stage, which has the end of 2012 as its deadline.

Banks with majority foreign-owned equity were required to have a minimum capital of GH¢60 million by the end of 2009.

However, banks with majority Ghanaian-owned equity were required to have a minimum capital of first GH¢25 million by the end of last year, but must have increased this to at least GH¢60 million by the end of 2012.

ICB is 100% owned by ICB Financial Group Holding Limited of Switzerland, a company listed on the AIM market of the London Stock Exchange and a member of a group of 14 banks spread through Africa, Asia and Eastern Europe.

The bank has over the years received prestigious awards including the best bank in advisory services 2008 and second runner up in financial performance 2008 at the 2008 banking awards. It also received the best bank in Ghana 2009 by emeafinance, a distinguished UK base publication.

Comments

Popular posts from this blog

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

  NestlĂ© Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, NestlĂ© Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores NestlĂ© Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. NestlĂ© Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...