6 out of the 10 indigenous banks so far meet capital requirement
7/18/2012 12:35:45 PM -
Six out of the ten indigenous banks have so far met the Bank of Ghana's 60 million cedi minimum capital requirement ahead of the December deadline.
This is after Merchant Bank joined the league of locally-owned banks as the latest to have met the capital requirement.
It follows the official announcement by the bank that it has increased its stated capital to almost 69 million Ghana cedis from 25.
This was after its biggest shareholder; SSNIT converted its debt in the bank into equity.
Merchant Bank now joins other indigenous banks like GCB, ADB, UT bank, CAL and NIB that have already met the capital.
Story by Emmanuel Agyei / George Wiafe - Joy Business