FBN Bank falls on parent bank to meet chunk of its minimum capital

FBN Bank falls on parent bank to meet chunk of its minimum capital

FBN Bank Ghana Limited, subsidiary of First Bank of Nigeria Limited, is poised to meet the minimum capital requirement per the Bank of Ghana (BoG) requirement as its parent bank is to provide about 25percent of the stipulated fund.

The Bank of Ghana, in September last year, increased the stated capital of all universal banks from GH¢120million to GH¢400million, a 233percent hike, with a December, 2018 deadline. Even though FBN Bank is mobilising part of the funds locally through new products, it will be falling on its parent bank in Nigeria to meet the whole target.

According to Eric Fia, Head of Retail Banking, the bank has raised some GH¢22million from its current product on the market, “Save and Win Promo”, so far and is expected to increase it to over GH¢30 million by the end of the promotion.

“FBN Bank is a very big bank in Nigeria with a very big balance sheet size and we will be falling on them for assistance. So, we are very sure that any moment from now, the GH¢400million minimum requirement will be ready,” he said at the first mini draw of the Save and Win Promo held at the Makola Branch.

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The Save and Win Promo was introduced in May to reward esteemed customers for their loyalty to the bank. Ten lucky winners were rewarded with mobile network airtime and Samsung smartphones.

The promo mechanics require that customers make a deposit of GH¢200 and multiples of it into an existing or new individual savings or current account, of which each GH¢200 deposited earns the customer one-point. However, to participate in the 1st and 2nd Mini Draws or the Grand Draw, the customer needs to maintain a minimum of GH¢1,000 in their individual current or savings account.

Gbenga Odeyemi, Managing Director of the bank, in a speech read on his behalf, said: “our standard in FBN Bank Ghana has always been to put our customers and other stakeholders first in all our business services and devise innovative ways of meeting their needs and improving our services to them,” he said.

The winners of the 1st Mini Draw, supervised by National Lottery Authority, are Evans Abeka, Santa Maria Branch; Doris Ayornu, Tema Branch; and Rebecca Twum, Makola Branch. They all walked away with Samsung Smartphones as their prize.

Other winners are: Vida Aryee, Kaneshie Branch; Paul Salifu, Tema Branch; Prince Anane, Suame- Kumase Branch; Yaw Baah, Tema Branch; Emma Akotoye, Kasoa Branch; Rebecca Mensah, Kasoa Branch; and Charles Fordjour & Ebenezer Mensah, Techiman Branch. They won mobile network airtime.

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The 2nd Mini Draw is expected to take place at the ending of this month and the Grand Draw to take place on the 31st of August.

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