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CAL Bank meets BoG's GH₵400m minimum capital requirement

BY: graphic.com.gh
Cal Bank MD - Frank Adu Jnr.
Cal Bank MD - Frank Adu Jnr.

CAL Bank has met the Bank of Ghana's GH₵400 million minimum capital requirement.

This follows an approval by shareholders of the bank to transfer GH₵50 million from the bank’s income surplus to shore up its stated capital.

The approval was made on Monday at an extraordinary general meeting in Accra.

The bank, prior to the approval, had GH¢350 million in stated capital.

CEO of CAL Bank, Frank Adu Jnr expressed gratitude to all shareholders for helping the bank comply with the BoG’s capital requirement.

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'We are delighted that our shareholders have given us this mandate today to transfer these funds to enable us fulfil the new minimum stated capital requirement of GH₵400 million before 31st December 2018.”

“By doing this, CAL Bank would have fully complied with the BOG's directive on minimum stated capital. We are especially proud to have achieved this without raising fresh equity as our profit-driven strategy over the decades has enabled us accumulate healthy income surplus balances.”

“We look forward to continuing our profitable operations as we enter our next 3-year strategic period commencing in 2019”, he said.