The BEIGE Bank (TBB) has indicated that it's on course to meeting the Bank of Ghana's (BoG) minimum capital requirement of GH¢400 million for universal banks by the end of December 2018.
Chief Executive Officer (CEO) of BEIGE, Mike Nyinaku, who disclosed this, stated “we have a gap of less than GH¢100 million of the expected stated capital position required by the Central Bank, and we will definitely meet this before the year ends.
He added: “It has been a difficult year for indigenous banks without a doubt, and we know that anxiety amongst customers has led to some of them redirecting their businesses. Having said that we are happy about the faith our customers have had in us.
“Due to the appeal of our brand, the size and variety of services on our Group's platform, we have received expressions of interest both for equity participation in our business as well as merger propositions. However, while we are favourably considering them all, our aim at the end of it all is to preserve the indigenous identity of BEIGE.”
Mr Nyinaku said now that such hurdle was almost out of the way, BEIGE would focus on the sale and distribution of its specialized Pension and Health Insurance Products, which have been designed purposely to serve the retail market.
Bank well anchored
Kofi Otutu Adu-Labi, Board Chairman of the TBB, said following the bank's transition into universal banking, it's gradually implementing a three-year strategy aimed at restructuring its balance sheet in order for it to remain competitive whilst playing in its niche – the SME Market.
“This strategy is anchored on re-pricing our deposits and driving a lot of demand deposits to significantly reduce and align our cost of funds with the industry. The medium term effect is that the bank is able to restructure itself in a much shorter time to allow for competitive operations by year three.
“We are confident that the bank's strong corporate governance systems and investments in safe assets will enable us remain very competitive beyond our achievement of the BoG's minimum capital requirement.”
Call for support
Prof. Stephen Adei, Board Chairman of BEIGE, said: “While confirming that BEIGE will deliver, we also encourage as many Ghanaians, as are able, to consider investing in some of the indigenous banks, so we build this country together.”
BEIGE is a financial services provider with interest in banking, pensions, insurance and investments.
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