The shareholders of Agricultural Development Bank have voted to allow the bank to raise GH¢127 million to enable it to meet the minimum capital requirement set by the Bank of Ghana.
This will be made through the private placement of shares with the Ghana Amalgamated Trust PLC which has been mandated to assist some five commercial banks to meet the GH¢400 million minimum capital.
Although ADB met the minimum capital requirement in December last year, provisions for some previous losses affected the bank’s financial position.
This led to its capital dropping to 258 million cedis. But the Board Chairman of ADB, Alex Bernasko speaking at the bank’s AGM on Wednesday said he is hopeful of the bank’s prospects going forward.
“The outlook of the coming years is bright as we commit to staying on track with our five years strategic plan.
The need to mobilize more deposits, book quality loans and to recover the non-performing loans cannot be overemphasized. Please permit me to use this opportunity to thank the former board members for their invaluable service to the bank and to render our warm wishes to them in their endeavors in the future.
SOURCE:citibusinessnews.com
