Leading Ghanaian bank meets deadline for minimum capital requirements

By Published On: August 8th, 2018Categories: Articles

Access Bank Ghana has met the new minimum capital requirement set by the Bank of Ghana (BOG) ahead of the stipulated deadline in December. This makes Access Bank the first among Banks requiring to raise the new capital of GH¢400million set by the Central Bank.

The announcement comes after the Bank completed its Rights Issue, which ended on July 3, 2018. The Rights Issue was for 75,757,576 new ordinary shares of no par value at GHS 3.96 per share in a ratio of 1 new share for every 1.5588 existing shares held by qualifying shareholders of Access Bank.

In all, a total of 55,854,462 shares were subscribed for, raising a total of GH¢221,183,669.52 (constituting 73.73% of the Offer Amount). The Offer sought to raise a minimum of GH¢60 million, and up to GH¢300 million, putting the Bank’s stated capital in excess of GH¢400million as the Bank converts part of its surplus income into capital.

Commenting on the feat, the Managing Director of Access Bank Ghana, Mr Ifeanyi Njoku indicated that the Bank is well positioned to continue pursuing its objectives of supporting key sectors of the Ghanaian economy for growth…

View the Access Bank Ghana Page

Read complete article: StarfmOnline

The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.