The Royal Bank set to change face of banking

The bank, the 26th to be offered a full license to undertake universal banking, comes in at a time when the sector has become one the fiercest in the country in terms of competition because of the numbers.

It is also at a time when other banks are contemplating a merger or acquisition because of their inability to meet the minimum operational capital of GhC60 million.

The Royal Bank, a wholly owned Ghanaian bank, joins the competition with a minimum capital of Ghc100 million, almost twice the amount demanded of the indigenous in the country by the Bank of Ghana.

The TRB Managing Director said “we are aware of the competition in the banking sector but we are ready to face it and we know we will excel”, he said optimistically.

He said at the centre of the bank’s resolve would be customer service which he said would be exceptional in all aspects because that would determine how people would see the bank.

For his part, the Deputy Managing Director of the TRB, Mr Charles J. Otoo, said the bank intended to open 10 new branches by the close of the year.

“We are in to compete and we will not feel intimidated by the competition because we know what we have”, he said.

Mr Odarteifio, in response, said the banking awards had run continuously for the past 11 years and grown to become one of the strongest brands in the country.

He said every year the awards were improved to meet the expectations of the customers of CIG; the banks, and gave the assurance that “this year, we will do more to ensure that the process is transparent, free and fair to continue to win the hearts and trust of the public”.

Mr Odarteifio said the awards were meant to ensure that the sector remained competitive to deliver the kind of service needed by Ghanaians to enable them to benefit from the sector in all their endeavours.

He wished the bank well and expressed the hope that when the time was due, it would avail itself, just as the many, to scrutiny.

Mr Vanderpuije said the awards would be held with a lot of reforms but noted that the reforms would be made known to the public at the launch of this year’s awards early next month.

Story by Charles Benoni Okine