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.
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.
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