• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Bank of Baroda closes down; CAL Bank to take over?

18/12/2018
Reading Time: 2 mins read
cal_bank_take_over

Cal Bank to takeover Bank of Baroda

0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

Some four banks, including CAL Bank Limited, are in a tussle for an opportunity to buy the local operations of Indian state-owned lender, Bank of Baroda Ghana Limited, after it decided to voluntarily liquidate its business and pull out of the country by December 31.

Among the banks is the Sahel Sahara Bank, which is looking for a third source of funding to plug a capital deficit that will arise from its ongoing merger with Omni Bank Ghana Limited.

A source in one the interested banks told Graphic Business that Baroda had valued its net worth around GHS200 million and a winner-bank was expected to now pay about GHS186 million in exchange for mainly, Baroda’s deposits.

The source tipped CAL Bank as “a likely winner” because “it is in a position to pay cash outright.”

“We wanted to make it a merger so that by the first quarter next year we can raise the funds and pay them (Baroda) off so that they can go, but they just want cash,” it said.

One source, who has been briefed on Baroda’s decision to wind up its Ghana operations, said it was based on a resolve by the parent company not “to accumulate excess capital that it will not have a need for.”

CAL Banks Head of Investor Relations, Ms Dzifa Amegashie, confirmed her outfit’s interest in Baroda to the Graphic Business on December 14 but said discussions were in their early stages, with no due diligence done yet.

In a related development, CAL Bank has announced it has met the GHS400 million minimum capital requirement (MCR) set by the Bank of Ghana (BoG).

This comes after the bank’s shareholders at an extraordinary general meeting held on Monday, 17 December 2018 agreed and transferred GHS50 million from its income surplus to increase its stated capital to meet the GHS400 million requirement.

According to the Managing Director of CAL Bank, Frank Adu Junior,  “Once the resolution has been passed, you’ll need the central bank to agree that your audited results are acceptable and then you just register the increase at the Registrar General.”

Previous Post

Don’t Let Lazy Managers Drive Away Your Top Performers

Next Post

The Economy of Ghana can thrive without an IMF program – IMF boss

Related Posts

Potential of AfCFTA,,ghanatalksbusiness.com

E-commerce, payments and unlocking the potential of the AfCFTA

01/07/2022
world's most valuable brands

Apple ranks No.1 as World’s Most Valuable Brand, check out other top performers

29/06/2022
Africa's top 10 investment destinations, ghanatalksbusiness.com

CEOs reveal Africa’s top 10 investment destinations

28/06/2022
StockNow App, ghanatalksbusiness.com

StockNow to bring affordable working capital to Africa’s informal retail market

28/06/2022
Financial risk management, ghanatalksbusiness.com

Finance, Risk, and Financial Risk Management: From a Business Manager’s Standpoint

27/06/2022
5G Mokki

5G Mokki, the African Technology Space Network that will impact Global Businesses

20/06/2022
Next Post
christine_lagarde_imf_boss

The Economy of Ghana can thrive without an IMF program – IMF boss

4 Strategies to get your website security ready

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In