Citi Business News can confirm that FirstRand Bank of South-Africa will commence full commercial operations in Ghana in June, 2015.
According to First Rand they have secured all the necessary regulatory permits from the Bank of Ghana to begin commercial operations in Ghana.
First Rand’s Chief Executive Officer and the Regional Head of the bank for West Africa, Michael Larbi told Citi Business News in an exclusive interview that ”We hope to be in Ghana sometime this year, June to be more precise. We got a license in principle to begin commercial operations in Ghana.
[contextly_sidebar id=”87K3RzFpY0BgYplaadItvbknUwBmExIP”]FirstRand is currently South-Africa’s biggest bank by earnings and market capitalization.
In 2013 it was one of the main bank’s that expressed interest in acquiring Merchant bank now Universal Merchant Bank (UMB).
The Bank of Ghana subsequently approved the sale of Merchant Bank to private equity firm, Fortiz, after SSNIT, majority shareholder of Merchant Bank, rejected an offer from First Rand Bank.
In an interview with Citi Business News Michael Larbi said FirstRand Bank had already invested over 750million dollars in the Ghanaian Economy and was willing to invest more.
‘We are the sponsor of the Nungua Mall, we own both equity and debt in that property, historically we have been a big funder of Gridco and we are also a funder of the Ghana Ports and Habours Authority and several other projects in the country………. We like projects as we see them, we are currently heavily invested in Ghana in a range of between 750million to about 950million dollars in both debt and equity and we are willing to put more money in the economy and as I said we like projects as we see them and the risk profile make sense’. He said.
Meanwhile banking analyst Nana Otuo Acheampong has welcomed the arrival of First Rand Bank into the country.
The Bank is expected to add to the 28 Universal Banks currently operating in the country.
Some financial analysts have demanded that Universal Banks in the country be merged and increase in size to enhance their global competitiveness.
According to Nana Otuo Acheampong Ghana operates a free market and can only appeal to the Universal banks to merge and be more influential in Africa and the world.
By: Norvan Acquah – Hayford/ Rabiu Alhassan/citifmonline.com/Ghana