First Atlantic Bank has assured that it is positive of meeting the 400 million cedis capital requirement set by the Bank of Ghana.
According to the bank, it has secured money from a private equity firm, hence will meet the requirement as stated by the regulator.
The Bank of Ghana has set December 31st, 2018 as the deadline for all banks to meet a minimum capital requirement of 400 million cedis.
Providing some details on the plans taken by First Atlantic to meet the requirement, the Chief Executive Officer of First Atlantic Bank, Odun Odunfa said the bank will meet the requirement by June.
“Indeed as we announced early in the year we got money from a private equity firm so the shareholders base for the bank is diversified”.
Mr. Odunfa disclosed that the bank had already began moves to increase its capital base before the central bank announced the new figure.
He stated as a bank poised to serve its customers, the board and management team are constantly working to solidify its the position of the bank as one of the leading financial institutions in the country.
“We started the journey to increasing our capital even before the Bank of Ghana came out to announce the directives. The Equity Firm has made commitment to us which we know they will keep like they have kept in the past and the plan is unfolding very well, we have no issues at all meeting the requirement,” he said.
Reiterating the bank’s commitment to meet the requirement, Mr. Odunfa stated that management is so far having a cordial relation with its investors.
“We had a plan which we had to accelerate but thankfully we are on our way to meet the requirement by June latest. It’s a combination of right issues to existing shareholders, and the private placement to new investors, and we are well advanced in that program and are very confident that by June we will be done”.