First Capital Plus Rebrands

First Capital Plus, a wholly-owned Ghanaian bank, has rebranded to Capital Bank.

Fritzgerald Odonkor, Chief Executive Officer (CEO) of Capital Bank, who welcomed guests to a dinner at Kempinski Hotel in Accra to mark the occasion, said his outfit aims to become a Tier-1 bank in five years.

'Our vision is to become the bank of excellence and expand into other African markets, hence the need for a distinctive rebrand.'

According to him, Capital Bank would not only focus on small and medium-scale enterprises (SMEs) but play a leading role in the retail banking sector.

Also, he said the bank would form strategic partnerships to deliver value to the new sophisticated African.

An additional capital of $50 million has been injected into the company's operations to offer the needed banking solutions to Ghanaians and also provide digital banking services.

Currently, he said Capital Bank is working feverishly to make its speed banking vouchers available in over 180 new outlets countrywide.

Governor of the Bank of Ghana, Dr Henry Kofi Wampah, in a keynote address, said his outfit was moving to implement Basel II/II from mid-2017 and would be engaging all banks in the process in the course of 2016.

The Basel II is targeted at strengthening the foundation of prudent capital regulation, supervision and market   discipline and further enhance risk management and financial stability.

The Basel I Capital Accord aims at assessing capital injection in relation to credit risk, or the risk that a loss will occur if a party does not fulfill its obligations.

'We are also in touch with Parliament to pass two crucial bills - the Banks and Deposit Taking Institutions Bill and the Deposit Protection Bill to enhance the framework for the conduct of banking business in Ghana.'

By Samuel Boadi