First Bank of Nigeria Limited (“FirstBank” or the “Group”), a foremost Nigerian bank with over US$15 billion in assets and US$1.9 billion in shareholders' funds as at December 31, 2017 has conﬁrmed that the recapitalization of its wholly owned subsidiary, FBNBank Ghana to the revised minimum capital requirement is progressing according to plans. This is on the back of the directive issued by the Bank of Ghana (BoG) on September 11, 2017 to all banks in Ghana revising upward the minimum paid up capital to GHS400 million, with a compliance deadline of December 31, 2018.
The Managing Director / Chief Executive Ofﬁcer , First Bank of Nigeria Limited and Subsidiaries – Dr. Adesola Adeduntan (FCA), stated that, “The Group is committed to ensuring the full capitalization of FBNBank Ghana ahead of the deadline. FirstBank is conﬁdent that the BoG's directive will enhance the capacity of banks in Ghana to support local industries and sustainable economic growth. The capitalization will immediately scale FBNBank Ghana to the fourth largest bank in the Group, with complete access to the innovative capabilities and global resources of FirstBank in 8 countries and 3 continents, to deepen customer reach, broaden offerings and accelerate the growth of our banking business in Ghana.”
It will be recalled that Dr. Adeduntan, at the recent commissioning of FBNBank Ghana's new Head Ofﬁce, had afﬁrmed the Group's commitment to meeting the new requirement within the stipulated deadline.
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