CAL Bank is to begin pursing more aggressively, other sectors of banking following an increase in the bank’s stated capital.
The bank recently through a private placement raised its stated capital to 100 million cedis.
CAL’s new stated capital means it has exceeded the Bank of Ghana’s (BoG) 60 million cedis capital requirement.
CAL Bank raised GHS 75 million through the private placement.
Investors in the private placement include African Development Partners I, (“ADP I”), an Africa-focused private equity fund advised by Development Partners International ("DPI"), Proparco of France and the Social Security and National Insurance Trust ("SSNIT") of Ghana.
Per the transaction SSNIT will retain its 33.18% in CAL Bank whilst ADP I and Proparco will acquire 28.97% and 6.86% holdings, respectively.
CAL Bank which has for years concentrated on corporate banking says it will now add retail, SME and mortgages banking to its portfolio.
Managing Director of Cal Bank, Frank Adu tells Citi Business News
the bank as part of its expansion strategy will also open additional branches in the country as well as representative offices in major cities across the world.
"We have always specialized in corporate banking and the corporate world in Ghana has opened up and different areas have developed, so we are going to continue in those areas.
The mining sector has seen a great resurgence especially gold and we have made inroads into the oil and gas sector but not downstream or upstream", he said.
Mr Adu also adds the bank will expand its branch network.
“We also want to increase our branch network from 18 to 30.
"So we will cover the retail side and also push our mortgage portfolio very aggressively", he pointed out.
By: Vivian Kai Mensah/citifmonline.com/Ghan