{"id":31039,"date":"2014-07-10T17:15:29","date_gmt":"2014-07-10T17:15:29","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=31039"},"modified":"2014-07-10T18:52:30","modified_gmt":"2014-07-10T18:52:30","slug":"cal-bank-secures-us-28-5-million","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=31039","title":{"rendered":"CAL Bank secures US$ 28.5 million"},"content":{"rendered":"<p>CAL Bank Limited today signed a US$ 28,543,200 Tier 2 Capital Credit Agreement with Societe De Promotion Et De Participation Pour La Cooperation Economique S. A.(PROPARCO), the French government development finance institution.<\/p>\n<p>PROPARCO, a long-standing debt financier of CAL Bank, acquired a 6.86% stake in CAL in June 2012. The agreement was signed by of Mr. Frank Adu, Managing Director of CAL BANK Ghana and Mr. Julien Lefilleur, PROPARCO&#8217;s Regional Director for West Africa.<\/p>\n<p>Commenting on the transaction, the CEO of CAL Bank, Mr. Frank Adu Jnr, stated: \u201cToday\u2019s signing of this Tier 2 Credit agreement further strengthens our 20-year old relationship with PROPARCO. This agreement attests to the confidence PROPARCO continues to repose in the performance and leadership of CAL Bank as a leading player in the Ghanaian banking sector.<\/p>\n<p>Accessing this capital will result in the upward movement of the single obligor limit of the Bank enhancing the Bank\u2019s ability to undertake big ticket projects. The achievement of this planned strategic milestone in our capital plan will enable us continue with our sterling performance over the past 3 years, strengthen our financial position and enhance shareholder value\u201d.<\/p>\n<p><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/07\/DSC_0030.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-31045\" alt=\"DSC_0030\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/07\/DSC_0030.jpg\" width=\"672\" height=\"450\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/07\/DSC_0030.jpg 672w, https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/07\/DSC_0030-300x200.jpg 300w\" sizes=\"auto, (max-width: 672px) 100vw, 672px\" \/><\/a><\/p>\n<p>The agreement covers a subordinated credit facility to finance CAL\u2019s activities. This facility, which is an unsecured loan, will be used as Tier 2 capital in supporting CAL\u2019s on-lending activities. The facility provides CAL Bank with competitive interest rates under flexible terms and conditions.<\/p>\n<p>Proparco is CAL\u2019s 3rd largest shareholder with 6.86% shareholding, after SSNIT (33.18%) and African Development Partners of Mauritius ((27.69%). Over the past 20 years, PROPARCO has been instrumental in providing competitively priced medium term credit lines for onward lending to CAL\u2019s corporate clients and SME\u2019s. PROPARCO in 2005 and 2007 also granted CAL $10m credit for the operations of the Bank whereas in 2010, $5m was invested in the Bank as equity.<\/p>\n<p><a href=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/07\/DSC_0019.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-31042\" alt=\"DSC_0019\" src=\"http:\/\/4cd.e16.myftpupload.com\/wp-content\/uploads\/2014\/07\/DSC_0019.jpg\" width=\"672\" height=\"450\" srcset=\"https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/07\/DSC_0019.jpg 672w, https:\/\/citifmonline.com\/wp-content\/uploads\/2014\/07\/DSC_0019-300x200.jpg 300w\" sizes=\"auto, (max-width: 672px) 100vw, 672px\" \/><\/a><\/p>\n<p>Mr. Frank Adu finally assured PROPARCO that the credit facility will be used for the purposes as provided in the agreement and pledged the commitment of management and staff to continue delivering the performance CAL has come to be recognized for and associated with.<\/p>\n<p>&#8211;<\/p>\n<p>Credit: Cal Bank<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CAL Bank Limited today signed a US$ 28,543,200 Tier 2 Capital Credit Agreement with Societe De Promotion Et De Participation Pour La Cooperation Economique S. A.(PROPARCO), the French government development finance institution. PROPARCO, a long-standing debt financier of CAL Bank, acquired a 6.86% stake in CAL in June 2012. The agreement was signed by of [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":31044,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[19],"tags":[38,4],"class_list":["post-31039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-health","tag-palaver-newspaper","tag-st-augustines-college"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/31039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31039"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/31039\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/31044"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}