Amalgamated Bank: Innovative transformer in banking
Amalgamated Bank was incorporated on May 29, 1997 under the Companies Code 1963 (Act 179). It was licensed by the Bank of Ghana on December 13, 1999 to carry out the business of merchant banking under the Banking Law 1989, PNDCL 225 and started operations in December 20, 1999.
Seven years after receiving its banking license, Amalbank has repositioned itself to acquire a Universal Banking license and offer retail banking services in addition to its corporate banking services by wooing a strategic investor, Meeky Enterprise of Nigeria, to take 49% of its equity in 2006.
Meeky is also noted as a major shareholder in Oceanic Bank PLC (Nigeria), and has assisted Amalbank to fully exploit the synergies within the institutions.
With the new investment in the bank, Amalbank now has 72 billion issued share capital and has embarked on an aggressive expansion in its business office networks (branches) and its products offering. By the end of 2007, the bank has strategised to build 20 business offices in all the major markets in the country.
Amalbank has developed a focused approach to servicing its markets with the major fulcrum being relationship banking; the ability to meet the financial needs of various sectors of the economy least served by the existing financial institutions, by providing quality and prompt service, through positive engagement with each customer.
It has also developed strategies to build foundations through its network of associated businesses to become a key player on the West African financial services market.
Amalbank believes in human resource development as its most valuable asset and purely regards clients as their source of livelihood. It considers shareholders as the pillars of its financial strength and stability.
Ten years of successful operation could be attributed to quality display of professionalism that had continuously ensured dynamism and success in its operation. It further regards quality service through innovation and technology as mutually beneficial to it and customers.
The prosperity of the bank's publics gives it the opportunity to grow with the belief in creating a convenient atmosphere for its customers. That enabled them to conduct good corporate client partnership as reflected in the various delivery channels it offers.
The bank has held itself bound to the highest standards which are also reflected in the totality of its business approach. It promises to provide and deliver excellent service at all times.
Amalbank's belief and promise are driven by some sets of values which includes "customer first." "For us at Amalbank, our customers always come first, since the customer is the centre of our business model, we need to put the customer first in all our operations and believe in satisfying customers for life," says an official.
The bank is dedicated to the relationship it has developed with its customers as a symbol of commitment. It exhibits high level of moral soundness and probity in all its dealings with clients as an embodiment of truth.
Amalbank displays a sign of resilience and demonstrates the ability to follow through on a goal, no matter the obstacles on its paths. The best Bank in Construction Finance (Gold Award) in 2006 has pragmatically developed products and services that enable clients to access the full range of retail and corporate and institutional banking services towards the development in key sectors of the economy.
It has the cedi deposit which could be operated in variants such as current accounts, savings accounts, fixed deposits and call deposits accounts at very competitive rates. Amalbank also allows current accounts to be opened in US dollars, Pound Sterling and the Euro.
Its treasury department also manages funds on behalf of clients through Trust Funds. Facilities available for corporate and institutional clients include corporate performance Bond, Bid Securities Mobilisation Guarantees, Retention Guarantees Overdraft facilities and loans.
The rest include Trade Finance, Export Financing, Equipment Financing, Suppliers Guarantee Scheme and discounting facilities. Other packaged products for retail customers include Employee Personal Loan, Executive Savings Account, Home Completion loan, Quality life Scheme and Quality Education Plan. It also has premium Thrift Account, Pearl Account and Vehicle Finance Scheme.
Under its banking facilities, Amalbank operates a browser based Internet banking system which allows all interested clients to enjoy a range of services which include Account Information Checking, Cheque Book requisition, among others from any part of the world.
Under its SMS Banking, customers are allowed to access a range of services with GSM mobile phone facility. The services include, checking of account details, viewing of last three transactions, ordering of cheque books, stop cheque instructions and transfers.
The bank's networks of Automatic Teller Machines provide 24 hour, seven days banking access to customers as part of strategies to provide convenient services for clients and making banking stress-free. It also operates a unique Western Union Service as regards the fast Internet connection that makes customers spend less time in receiving their transfers.
Amalbank's Payroll Management Services allow the bank to operate salary accounts for staff of corporate organisations. This enables companies to submit electronic monthly payroll schedule for the accounts of their staff to be credited.
It ensures timely, efficient and error-free payments. The bank's contractor payment scheme is a settlement system designed to efficiently pay their various contractors in accordance with a confirmed schedule sent to the bank. It then enables the bank to credit the accounts of the contractors.
In recognition of the bank's performance and commitment to providing professional and innovative services, Amalbank, though relatively young, has been awarded Best Bank Customer Care 2005, Best Bank in Short Term Financing 2001-2005 and second Runner-up Best Bank in Competitive Pricing 2005.
Other awards won include second Runner-up Best Bank in Advisory Services 2005. It placed 24th position on Ghana Club 100 companies in 2004, and was the fastest growing bank in 2002 and 2001. "We seek to become a leading technology-driven financial institution and a market leader in the provision of innovative, attractive, competitive, timely and customer-focused services tailored to meet customers' peculiar needs through a team of well trained, developed and motivated professionals," the official asserts.
Amalbank's Easy Save Account which forms part of the four new products launched in July 2007 is designed to facilitate banking transaction for the ordinary Ghanaian and to enable them have bank accounts. Under the system, the bank required no initial deposit and complex documentation.
The potential account holder requires no passport pictures to open on account but just a walk into any of the banks' branches to request for it to be qualified. The aim is to enable the unbanked Ghanaian population to easily get an account to change their currency in the era of redenomination.
The Pay Advance Salary Scheme is to allow those who find themselves in some financial difficulties in between pay days to access loans. It enables them to accesss 75% of their salary and comes in two variants: Direct and Extended Salary Advance.
The Executive Savings Account is designed for young professionals and executives interested in quickly saving to build up funds for their projects, for example, for mortgage loan or for building their own houses.