Cal Bank meet BoG’s ¢400m capital requirement

By Wendy Amarteifio
Cal Bank
Cal Bank meet BoG’s ¢400m capital requirement

The Managing Director of Cal Bank Ghana Limited, Frank Adu Jnr., has revealed that the bank has officially met the Gh¢400m minimum capital requirement set by the Bank of Ghana (BoG).

In his address to staff at a Thanksgiving Service on Sunday, Mr. Frank Adu Jnr. expressed gratitude to the staff for their commitment and hard work in making it possible for the bank to meet the capital requirement.

He was however quick to add that, there is more work to be done despite achieving this new feat.

“One of the primary objectives of the bank these past few weeks is to meet the minimum capital requirement set by the Bank of Ghana by December 31st, 2018. I am pleased to announce to you, that due to your hard work and commitment, we have met the GHC400m minimum capital requirement of the bank” he said.

The BoG in September 2017 increased the minimum capital requirement for universal banks from GH¢120 million to GH¢400 million, and gave a deadline of up to December 31, to meet this new requirement.

Last month, Cal Bank Limited revealed plans to transfer GH¢50 million from its income surplus to increase its stated capital to meet the GH¢400 million minimum capital requirement set by the Bank of Ghana (BoG).

Mr. Frank Adu Jnr in his address also cautioned staff of the bank against indulging in any form of fraud or stealing.

Mr. Frank Adu Jnr, Managing Director of Cal Bank Ghana Limited

He explained that one of the bank’s biggest challenge still remains tackling fraud-related cases in the cyberspace.

According to him, the bank will not shield any staff or customer engaged in any form of fraud, adding that the Bank will ensure the law is enforced against any staff or customer who engages in any kind of fraud.

Mr. Frank Adu Jnr. sounding the word of caution also disclosed that a staff of the bank this year has been jailed for stealing from a client.

READ MORE: UBA Ghana meets BoG’s GH¢400 million capital requirement

“You would, by all means, be found out, this gentleman withdrew money from a client’s account by forging the signature, his family has however returned the money but he is facing up to 4 years jail time,” the MD said.

Cal Bank, an indigenous bank received its Universal banking license in 2004.

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