CAL Bank has announced with excitement its meeting the Bank of Ghana ¢400 million minimum capital requirement for all universal commercial banks.
On December 28 last year, the Central Bank approved CAL’s request to transfer ¢50 million from income surplus to stated capital to attain the new minimum stated capital requirement.
This follows the approval granted on December 17, by the Bank’s shareholders to do same.
Frank Adu, CEO of CAL Bank said, “our achievement of this milestone represents the fulfilment of the commitment we made to regulators in 2017 that CAL would meet the new minimum stated capital requirement of ¢400 million before December 31, 2018. Frank B Adu, CEO of CAL Bank
He added that the achievement would not have been possible without the steadfast support of their shareholders, directors, customers, partners and dedicated staff to whom we owe a debt of gratitude.
“Despite headwinds in the banking sector during the year, 2018 was marked by growth and development of CAL’s core banking business and its subsidiaries, with all units recording increased revenue and profits.
“We are enormously excited by the tremendous possibilities that lie ahead as we enter our next 3-year strategic period commencing in 2019,” he noted.