Graphic Business News

Omnibank moves to meet minimum capital requirement

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Managing Director (MD) of OmniBank, Mr Philip Oti-Mensah
Managing Director (MD) of OmniBank, Mr Philip Oti-Mensah

OmniBank has engaged the services of a transaction advisor to devise strategies that will attract potential investors to help recapitalise the bank.

The move is aimed at getting the bank to meet the new minimum capital requirement of GH¢400 million as demanded of the universal banks in the country by the Bank of Ghana (BoG).

At a press briefing in Accra on Friday, the Managing Director (MD) of OmniBank, Mr Philip Oti-Mensah, said the advisor, who was approved by the board of the bank, had obtained two foreign and two local investors who were ready to invest in the bank to help it meet the requirement ahead of the 2018 deadline.

“The board and shareholders have approved and allowed the contracting of a transaction advisor. Agreements have been made and currently there are two international investors and local investors who are close to signing a memorandum of understanding (MoU) to begin the processes,” he explained.

“With this development, I can strongly confirm that we are prepared to meet the increase in the minimum capital requirement of GH¢400 million announced by the Bank of Ghana,” he said.

He also indicated that the bank currently had no plans of merging with any bank because it was focused on bringing investors on board.

Shareholders

On the strength of the bank, Mr Oti-Mensah explained that the bank’s capital adequacy was also ahead of BoG’s requirement of 10 per cent.

“Our capital adequacy is around 25 per cent, which is 15 per cent above the BoG limit. This is evident that we can take control of the business we dare into,” he explained.

“We can also state confidently that we are far ahead of the deadline, because we are ready to submit our capital plan by next week,” he added.

He indicated that the bank’s liquidity on the market was also strong, meaning it would exceed the minimum capital requirement.

Scholarship 

Earlier, the bank, as part of its Corporate Social Responsibility (CSR), presented GH¢35,000 to Mr Samuel Kwaku Darkenoo, a brilliant, needy student who had to drop out of the university due to financial constraints.

The amount is to cover his tuition, accommodation, books and feeding at the university.

Mr Darkenoo, who is said to have obtained eight A’s in the West African Senior School Certificate Examination (WASSCE), lost both parents just when he had entered the Kwame Nkrumah University of Science and Technology (KNUST).

With the help of a reporter, who was then with the Daily Graphic, and a recommendation from the  acting MD of Graphic Communications Group Limited (GCGL), Mr Ransford Tetteh, OmniBank stepped in to sponsor his education.

Mr Oti-Mensah explained that the OmniBank scholarship scheme was open to the public and, therefore, asked the needy to grab the opportunity to further their education.

Mr Darkenoo expressed his profound gratitude to the bank and GCGL for the opportunity and promised to do his best to excel.