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

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...