BOA-Ghana to increase Amal bank’s market share

By Kofi Ahovi Bank of Africa (BOA)-Ghana plans to increase the market share of Amal bank from 2.5% to 5% within the next three years of operation. Speaking to the press last week in Accra ahead of the official launch of BOA’s presence in Ghana, the managing director, Kobby Andah, said “In the short term of BOA-Ghana’s business cycle, the bank would increase its current market share of about two percent to five per cent through aggressive branch expansion and introduction of innovative customer-tailored products”. BOA-Ghana is part of the Bank of Africa Group that had acquired majority of Amalgamated Bank’s shareholdings in the country. The acquisition brings to the Ghanaian community better access to BOA’s broad portfolios of products and services which had made it one of the foremost brands in Africa. He added that the bank had entered Ghana with a better edge to offer innovative financial and convenient financial solutions to the economy. “Our aim is to focus on areas where the country’s needs would be met such as supporting education, housing, construction, oil and gas and also participate in cocoa financing,” he said. Stephan Ata, Chairman of BOA-Ghana, said with a current share capitalization of GH¢60.4 million exceeding the Bank of Ghana’s threshold, BOA-Ghana hoped to support Ghana’s economy through leveraging on its international scope but with an African base. Giving an overview of BOA Group in Africa, Allen Quaye, the bank’s Head of Corporate Affairs, said the Group, one of Africa’s largest financial organisation, has a mission to promote growth and stability of economies in Africa. The Group, he said, had entered Ghana to consolidate BOA strong presence in West Africa, facilitate cross border trade, support Ghana’s growing economy, meet the baking needs of small and medium enterprises and create and add value to the BOA customer with business presence in Ghana. He said the Group now has 15 commercial banks, three leasing companies, two life assurance companies, two investment companies, one brokerage firm, one mortgage bank and one information technology subsidiary. The BOA Group was founded in Bamako, Mali in 1982 as a privately owned multinational financial service provider.