The Capital Bank was formally launched as a Universal Bank with an enhanced capacity to serve the SME segment better and a strategic focus of being a stronger player in Ghana’s retail banking market.
Formerly known as First Capital Plus Bank, Capital Bank is positioned to deliver value that exceeds standards and create value-laden sustainable partnerships, with a vision of becoming “the local bank of excellence for African markets, providing the standard of measure for stakeholder return”.
Vice President Paa Kwesi Amissah-Arthur, speaking at the launch of the new identity of the Bank at Kempiski Hotel in Accra he said government is committed to work with the Central Bank and other development partners to restore macro-economic stability, “the environment you need to grow the business of Banking”.
He admitted that the macro-economic challenges of the last few years has gravely affected the banking sector, and called on banks “to implement prudent lending policies, effective risk management and building capital buffers in terms for reserves from earnings”.
Mr Amissah-Arthur commended the management and owners for their focus on the customer in an increasingly sophisticated banking market in order to be able to grow.
He expressed confidence that Capital Bank would be able to grow and achieve its targets.
Dr Henry Kofi Wampah, Governor of Bank of Ghana, said the Central Bank would continue to pursue sound policies for the development of the financial sector, including effective oversight of banking operations.
He said the Central Bank would from 2016, engage all banks in a process of moving to implement Basel II/III from mid-2017.
He announced that Bank of Ghana is monitoring Parliament for the passage of two bills, which he said would enhance the framework for the conduct of Banking Business in Ghana, and these are the “the Banks and Deposit Taking Institutions Bill and the Deposit Protection Bill”.
Dr Wampah advised Banks to pursue viability which would guarantee the sustainability of their business through appropriate Business model, sound capital and capital management and good corporate governance, as against trying to be visible which “tends to deplete your capital and may not be sustainable in the long run.”
Pastor Mensah Otabil, Chairman of the Board in his welcoming remarks, commended the management and staff of the Bank, for their hard work, commitment and dedication, which has seen the phenomenal growth of the Bank from a Savings and Loans company to full-fledged bank within a short period.
He urged them to uphold the core values of the Bank to continue to build the confidence of Ghanaians in their operations.
In his remarks, the Managing Director of the Capital Bank, Reverend Fitzgerald Odonkor, said as the Bank has entered another phase of its strategic growth.
He said the bank has injected additional capital of $ 50 million into its operations to enhance responsiveness, give critical attention to key needs of the retail segment of the market, enhance human capital, deploy digital banking solutions, and improve efficiency across all facets of the value-delivery process.
He said: “Our vision at this stage of our growth trajectory is to become the local bank of excellence for African markets, providing the standard of measure for stakeholder return with the strategic goal of becoming a tier-one bank in five years, and expanding our frontiers across the African market.”
Rev Odonkor said the Bank is currently working on making its speed banking vouchers available in more than 180 new outlets nationwide, to make it more accessible even in the most remote parts of the country.
He said more of such applications which are core in the banking industry would be deployed to maximise efficiency in their operations as well as “simplify the banking process”.
Among the dignitaries at the well-attended ceremony were Deputy Governors of the Bank of Ghana, Nii Okwei Kinka Dowuona VI, Paramount Chief of Osu, Nii Kpobi Tettey Tsuru III – La Mantse, a representative of Otumfuo Osei-Tutu, the Asantehene, and other industry players among others. GNA