body-container-line-1
28.12.2018 Business & Finance

CAL Bank Escapes GH¢400 Million Capital Requirement Deadline

CAL Bank Escapes GH400 Million Capital Requirement Deadline
28.12.2018 LISTEN

Cal Bank rushes to Bank of Ghana (BoG) with its GH¢400 million minimum capital requirement before the 31st December deadline.

This was made possible after shareholders of CAL Bank approved a resolution for the bank to transfer GH¢50 million from income surplus to stated capital.

The transfer would bring CAL Bank's state capital to GH¢400 million as prescribed by the Bank of Ghana.

In a press release issued by the Bank, CEO of CAL Bank, Mr. Frank B. Adu Jnr said their shareholders have given them this mandate to transfer these funds to enable them fulfil the new minimum stated capital requirement of GH¢400 million before 31st December 2018.

"By doing this, CAL Bank would have fully complied with the BOG's directive on minimum stated capital. We are especially proud to have achieved this without raising fresh equity as our profit-driven strategy over the decades has enabled us accumulate healthy income surplus balances. We look forward to continuing our profitable operations as we enter our next 3-year strategic period commencing in 2019," he said.

The statement was signed by the Bank's head of Investor Relations, Ms. Dzifa Amegashie.

---GNA

body-container-line