Minimum Capital Requirement For Indigenous Banks Should Vary

Professor Bill Puplampu, the Chairman of Board of Directors, the Royal Bank, has called on the Bank of Ghana (BoG) to consider a variation in the minimum capital requirement to meet the needs of local and indigenous banks in the country.

He said the BoG should give the local banks more time to meet the capital requirement instead of the December 2018 deadline.

Prof Puplampu was speaking at the Bank's fifth anniversary launch in Accra to commence the celebration of a month-long event.

On how the Royal Bank would meet the GH¢400 million minimum capital requirement, the Board Chairman said the Board and management were discussing various levels available to them to meet the deadline.

He assured the Bank's consumers and shareholders that come December 2018, the Bank would still be around to serve them better.

He said the past five years had been eventful for the Bank and the Foundation laid, adding that, last year, shareholders of the Bank reconstituted the Board to give a new direction to their operations.

'The Board is working assiduously and we hope to see the positive results soon,' he added.

He said in 2014, through the vision and instrumentality of the Founder, Alhaji Dr Adamu Iddrisu, the TRB Foundation, now Alhaji Dr Adamu Iddrisu Foundation, was inaugurated to provide relief in the area of Water and Sanitation, Health, Education, Culture and Sports to deprived communities.

He said since its establishment, the Foundation has provided over 120 boreholes to 115 communities across the country under its flagship 'water for life' project.

He said in spite of their humble beginnings and few years of existence, the Bank has been blessed with 13 local and 5 international awards.

Prof Puplampu said the future of the Bank was very promising and bright, having grown from a single branch in 2012 to 26 branches in 5 years, and that, the years ahead looks very bright.

'Our assurance to our customers and other stakeholders is that; we will continue to improve on our services and develop products to serve their changing needs and wants,' he added.

Mr Osei-Asafo Adjei, the Managing Director of the Bank, said during the five years of operations, the Bank has created jobs, provided support to businesses, especially small and medium enterprises and ultimately helped to deepen financial intermediation in the country.

He said all these could not have been achieved without the support of their shareholders, Board of Directors, Management, Cherished Customers and the hard working staff.

'We appreciate your immense support, which has helped us to make significant strides within the Ghanaian Banking Sector,' he added.

Activities for the month-long celebration includes Muslim prayers at the Global haulage mosque, donation to Pantang Mental Hospital, free health screening for traders at the Ashaiman Market and workshop on SME.

The fifth anniversary celebrations will be climaxed with a thanksgiving service for the entire management and staff of the Royal Bank at the forecourt of its head office.