Cal Bank meets BoG’s ¢400m minimum capital requirement

Cal Bank meets BoG’s ¢400m minimum capital requirement

The Managing Director of Cal Bank Ghana Limited, Frank Adu Jnr., has disclosed that the bank has officially met the minimum capital retirement set by the Bank of Ghana, which is currently at Gh¢400m.

In his address to staff at a Thanksgiving Service on Sunday, Mr. Frank Adu Jnr. thanked 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 this 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).

Bank won’t shield customers, staff caught in fraud

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

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 forms 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.

“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, and soon commenced specialized retail banking services.

The bank has  28 branches and over 1oo ATMs nationwide.

By: Jude Mensa Duncan | Citinewsroom.com | Ghana | duncanmensa@gmail.com

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