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12.04.2007 Business & Finance

Three Local Banks Rated

Three Ghanaian banks are among Africa's top 100 banks in a survey conducted by the influential African Business Magazine.

They are the Standard Chartered Bank Ghana Limited, which placed 66th, Ghana Commercial Bank Limited, which placed 81st, and SG-SSB Limited, which placed 87th.

Ghana International Bank plc, a Ghanaian bank registered in the United Kingdom, took the 73rd position.

According to the magazine, the ranking for the top 100 banks was based on shareholders funds as defined by the Switzerland-based Basel Bank for International Settlements (BIS).

It said since the last survey conducted last year, Standard Chartered Bank Ghana Limited had overtaken Ghana International Bank as Ghana's largest financial institution.

The magazine said while the capital of Ghana International Bank had grown from $54 million to $59 million, Standard Chartered Bank's capital had grown from $49 million to $71 million.

Many foreign banks operating in the country made impressive showing in the survey, with Standard Bank Group, the South African parent bank of Stanbic Bank Ghana Limited, taking the number one spot.

The others, which are mainly Nigerian banks, include United Bank for Africa plc, which placed 13th, Intercontinental Bank plc - 14th, Zenith International Bank plc - 21st, Guaranty Trust Bank plc - 26th, and Fidelity Bank plc - 32nd.