FBN Bank open to mergers and acquisitions — Launches new promotion
Management of FBN Bank Ghana has indicated that the bank is open to the possibility of mergers and acquisitions in the country’s banking sector.
Advertisement
The indication of the bank comes at a time when the Bank of Ghana (BoG) is set to announce a new capital requirement for banks in the country.
The Managing Director of FBN Bank Ghana, Mr Gbenga Odeyemi, told the Graphic Business that depending on the amount that would be announced as the minimum capital requirement and the time frame that would be given for industry players to meet it, FBN would be open to the possibility of merging or acquiring some distressed banks.
In an interview shortly after the bank launched its new promotion dubbed; ‘Save and win’ in Accra, he said, “We are not in discussion with any bank at the moment but we are open to that idea. It is the amount and the time frame that will determine the options available and the way forward.”
Mr Odeyemi was, however, confident that his bank would be able to meet the new capital requirement that would be announced.
“We are ready for the announcement and we believe we will be able to meet it,” he noted.
Should the bank even fail to meet the minimum capital requirement, the managing director said its parent company in Nigeria had the muscle to bail it out.
He said another option, which the bank had not closed its doors to, was the possibility of listing on the Ghana Stock Exchange.
{loadmodule mod_banners,Nativead1}
First half results
The management of the bank also seized the opportunity to share its first half results with the media.
The bank’s net interest income increased from GH¢ 24.96 million in the first half of 2016 to GH¢25.94 million this year, while its operating income also increased from GH¢31.96 million to GH¢33.10 million.
It also recorded a profit after tax of GH¢8.45 million in the first half of 2017, compared to a loss of GH¢5.14 million in the first half of 2016. Its total assets also grew from GH¢481.09 million in the first quarter of 2016 to GH¢553.69 million in the first half of 2017.
Save and win promo
FBN Bank Ghana Limited launched a savings promotion to encourage Ghanaians to save and also deepen customers understanding of the bank’s financial services offering.
Dubbed “FBN Bank Save and Win” the promotion is to enable the bank to expand its customer base and assure both existing and potential customers of its unparalleled banking services.
Mr Odeyemi said the saving promotion would provide the bank the opportunity to show gratitude to existing customers who had kept faith with it and the new ones that would sign up for their services.
To qualify for the promotion, customers need to make a deposit of GH¢200.00 or multiples of it into an existing or new individual savings or current accounts.
Each GH¢200.00 deposit earns a customer one point, Mr Odeyemi explained adding that all customers who at the start of the promotion had a minimum balance of GH¢1,000.00 in their accounts would get one point for every GH¢1,000.00 as advance points up to a maximum of 10 points.
He said advance points would be earned only on an incremental basis for as long as a customer’s deposit remained in the account during the period of the promotion.
In all, 40 customers, comprising 10 winners in each of the three mini draws and the grand draw, would win prizes ranging from LED television sets, fridges, washing machines, smart phones, laptops, among others.