Accra, Sept. 10, GNA – Management of First
Bank of Nigeria Limited has confirmed that the recapitalization of its wholly
owned subsidiary, FBNBank Ghana, to the revised minimum capital requirement was
progressing according to plans.
This is on the back of the directive issued by
the Bank of Ghana (BoG) on September 11, 2017, to all banks in Ghana revising
upward the minimum paid up capital to GH¢400 million, with a compliance
deadline of December 31, 2018.
Dr. Adesola Adeduntan, the Managing Director
and Chief Executive Officer, First Bank of Nigeria and Subsidiaries in a
statement copied to the Ghana News Agency in Accra on Monday said, “The Group
is committed to ensuring the full capitalization of FBNBank Ghana, ahead of the
He said FirstBank was confident that the BoG’s
directive would enhance the capacity of banks in Ghana to support local
industries and sustainable economic growth.
“The capitalization will immediately scale
FBNBank Ghana to the fourth largest bank in the Group, with complete access to
the innovative capabilities and global resources of FirstBank in eight
countries and three continents, to deepen customer reach, broaden offerings and
accelerate growth of our banking business in Ghana,” he added.
The bank has over US$15 billion in assets and
US$1.9 billion in shareholders’ funds as at December 31, 2017.
He said FirstBank has consistently built
relationships with customers, focusing on fundamentals of good corporate
governance, robust liquidity, effective risk management and strong
The bank provided an array of world-class
financial offerings to over 15 million corporate, small businesses and
individual customers with an extensive network of over 800 business locations
and 2,600 ATM’s across Africa, Europe and Asia.
FirstBank was in 2018 again, named one of the 500 leading global banking