StanChart aims to beat competitors in recapitalisation timeline

BY: Maxwell Akalaare Adombila
Kweku Nimfah-Essuman, Chief Finance Officer of StanChart Ghana
Kweku Nimfah-Essuman, Chief Finance Officer of StanChart Ghana

Standard Chartered Bank Ghana Limited is working to become "one of the first banks to recapitalise" to GH₵400 million after shareholders gave it the nod to move funds from its surplus income account to stated capital.

Its Chief Finance Officer, Mr Kweku Nimfah-Essuman, said Wednesday morning that although the movement of the funds from the surplus income account into the stated capital account will follow a procedure, the bank will ensure that the process is expedited to ensure that "we become one of the first banks to recapitalise."

The approval, given at the bank's annual general meeting last Wednesday, makes it possible for StanChart to move some GH₵305 million (including withholding tax) to the stated capital account, which currently has GH₵122 million.

The movement is to ensure that StanChart meets Bank of Ghana's capital demand, due to end in December 2018.

The bank however assured that in spite of the time the processes on the capital movement are completed, StanChart "will still meet the recapitalisation directive."

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The bank is the oldest bank in the country, starting off in the 1890s.

It has since become a force to reckon with in the banking sector, posting strong results year-in, year out.

Unlike other banks, StanChart is modest on branch network. It currently has 25 branches across the country.