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<\/div>\n<\/div>\nStarr Business has gathered that French Bank, Societe General will resort to the Ghana Stock Exchange (GSE) to raise some funds to meet the new GH\u00a2400 million minimum capital for commercial banks by the Central Bank.<\/p>\n
The bank has received confirmation from its parent bank of support to satisfy the minimum capital requirement but wants local shareholders to also have the opportunity increase their shares in the bank.<\/p>\n
It is unclear what shape and form the exercise will take at the GSE but some stock brokers say it is likely to take the form of a Right Issuance.<\/p>\n
A rights offering (issuance) is an issue of rights to a company\u2019s existing shareholders that entitles them to buy additional shares directly from the company in proportion to their existing holdings, within a fixed time period.<\/p>\n
The Bank\u2019s Deputy Managing Director, Francois Marchal confirmed to Starr Business\u2019 Osei Owusu Amankwaah the details of the GSE program will be made known to shareholders at the bank\u2019s Annual General Meeting (AGM) slated for the 28th of March 2018.<\/p>\n
\u201cIt will be a fully transparent process. As a listed company we will go through the normal capital raising process for a listed company but we have the assurance that whatever be the fate or the success of this capital increase the group will be there to support and help us reach the GH\u00a2400 million [mark],\u201d Mr Marchal said.<\/p>\n
He further added that the bank is looking at hitting the Ghana burse from April to June to raise the capital.<\/p>\n
He, however, shied away from stating how much the bank is expecting to raise.<\/p>\n
The bank is the second listed bank after Access Bank to give public notice of intentions to raise money on the burse.<\/p>\n
He spoke at an event to award six cars and other items to winners of the bank\u2019s \u2018Aben Woha\u2019 promotion. The promotion, it said has deepened the savings culture of Ghanaians.<\/p>\n
Speaking at the prize presentation ceremony at the bank\u2019s Head Office, Head of Retail Network Societe General Ghana, Obed Hoyah, said customers\u2019 needs are their ultimate priority and not the profits accrued.<\/p>\n
\u201cOur strategy is to inspire a culture of saving in our customers and urge potential customers to save. We want all our customers to get excited about saving and know that discerning customers will want to join a team that focuses on helping them grow their bank balance,\u201d Mr Hoyah said.<\/p>\n
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Source: Ghana\/Starrfmonline.com\/103.5FM\/Osei Owusu Amankwaah<\/p>\n
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