Republic Bank Ghana meets new BOG minimum capital requirement

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

The BoG, last year announced an increment in the minimum capital requirement of Universal Banks from ¢120 million to ¢400 million.

Commercial banks have been given up to December 2018 to meet the new capital which represents an increase of 233 percent.

Republic Bank’s announcement comes after the Bank successfully completed its Rights Issue to raise an additional GHS 255 million from its Shareholders.

The Offer which opened from July 23rd to August 10th, 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 GHS323.61 million, representing a subscription rate of 127%, exceeding the targeted Offer amount of GHS255 million and further putting the Bank’s stated capital in excess of GHS400 million.

After fully allotting a total of 395,582,160 entitlements and 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 GHS 68,611,420.90.

The Managing Director of Republic Bank, Mr. Anthony Jordan expressed his appreciation to the Shareholders, Customers, Management and Staff for believing in Republic Bank and helping the Bank to achieve the target.

According to him, the oversubscription of the rights issues is a clear indication of the overwhelming confidence shareholders of the company has in the future of the Bank.

He added that the Bank will continue to pursue its growth and development agenda by continuing to offer support to growing and established 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 further urged 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%.

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% over the corresponding period of last financial year.