Republic Bank meets new BoG minimum capital requirement

Republic Bank (Ghana) Limited has met the Bank of Ghana’s new minimum capital requirements ahead of the set deadline of December 2018.

The announcement comes after the bank successfully completed its rights issue to raise an additional GH¢255 million from its shareholders.

The offer, which opened from July 23 to August 10, 2018, received 161 applications from qualifying shareholders subscribing for a total of 588,384,402 shares which was in excess of the 463,636,364 shares on offer. The offer, therefore, raised GH¢323.61 million, representing a subscription rate of 127 per cent, exceeding the targeted offer amount of GH¢255 million and further putting the bank’s stated capital in excess of GH¢400 million.

Officials of the bank told the media in Accra that after fully allotting a total of 395,582,160 entitlements and GH¢68,054,204 extra shares to qualifying shareholders, all the applicants received the shares that they applied for with the exception of Republic Financial Holdings Limited who will receive a refund of GH¢68,611,420.90.

Gratitude

The Managing Director of Republic Bank, Mr Anthony Jordan, expressed his gratitude to shareholders, customers, management and staff for their trust in the bank which had enabled it to achieve its target.

According to him, the oversubscription of the rights issues was a clear indication of the overwhelming confidence shareholders had in the bank.

He said the bank would continue to pursue its growth and development agenda by continuing to offer support to Ghanaian businesses.

“We will continue to give more support to businesses by giving them the most innovative, efficient and convenient banking services just as can be experienced globally. Republic Bank is committed to remaining competitive in the Ghanaian market and will continue to build sustainable businesses for individuals and corporate entities, as well as in the communities we serve”.

He called on the business community to join the Republic Bank family to share in the bank’s over 180 years worth of continuous excellence in the banking industry and also, take advantage of the bank’s loan campaigns, especially the just launched ‘Back to School Loan’ sale which applicants can get up to 10 times their monthly net salaries as loans at a flat rate of 13.65 per cent.

Republic Bank is a member of the Republic Financial Holdings Limited (RFHL) the largest bank in the English speaking Caribbean with an asset base of over US$ 12 billion.

RFHL recorded $993.3 million profit at the end of June 2018 representing an increase of $ 34.4 million or 3.6 per cent over the corresponding period of the last financial year.