APEX Director Cautions Fraudsters

The Managing Director of the ARB APEX Bank,Emmanuel Kwapong, has cautioned criminals who were poised of using Rural and Community Banks to change counterfeits of dire consequences if caught.

Mr. Kwapong said the APEX Bank had put in place effective mechanisms
to trap both the fraudsters as well as Rural and Community Bank officials who might be involved in such scandals.

The Managing Director was addressing Board members, management staff
eting at Awutu-Beraku on Saturday.

Mr. Kwapong expressed concern about the involvement of some officials
of the Awutu Emasa Rural Bank in recent fraudulent activities hatched by a syndicate which operated throughout the country and said officials who would be implicated after the ongoing investigations would be dealt with according to the existing banking laws.

Mr. Kwapong announced that the syndicate had been nipped in the bud and cautioned all rural and community banks to ensure strict observance of laid down procedures and internal control facilities to maintain the credible image they have carved for their institutions.

He however praised workers and directors of the Awutu Emasa Rural Bank for their commitment and hard work which resulted in the growth in bank's annual turn out in the 2006 operational period and asked them to maintain the spirit.

Mr. Kwapong urged shareholders of the bank to increase their shareholdings to make the bank more viable.

He also appealed to chiefs and people in the area to patronize the bank to enable it to offer better social services towards the development of the district.

In his annual report, Ronald Acquah Arhin, Board Chairman, said the bank made a net profit of 742,599,000 cedis during the period under review as against 266,634,000 cedis net profit made in 2005 operational period.

According to Mr. Arhin, the bank recorded a total deposit of 13.4 billion cedis in 2006, as against 9.3 billion cedis chalked the previous year.

Loan portfolio shot up from 5.2 billion cedis in 2005 to 9.054 billion cedis in 2006, while the value of its assets jumped from 11.4 billion cedis in 2005, to 16.9 billion cedis in 2006.

As part of its social obligation to people the Awutu-Effutu-Senya District, the bank provided jerseys to some basic schools operating in the Awutu circuit, donated cash to District Council Schools for the construction of school infrastructure and fencing, Mr. Arhin stated.

It also contributed financially towards last year's farmers' day celebration in the Awutu-Effutu-Senya District, extended similar cash assistance to Awutu and Effutu Traditional Councils for the celebration of their respective annual Awubia and Aboakyer festivals.

Mr. Arhin thanked the Government for selecting the bank as among banking institution considered for networking facilities under the Millennium Challenge Accounts.

He pledged the Board's and Management preparedness to work harder this year to improve the standing of the bank.

Source: GNA