International banks in Ghana dominating Ghana’s banking sector

 

Ghana’s banking sector is dominated by personal corporations, with the federal government solely holding onto just some important industry-leading banks. International banks comfortably take a very good a part of this great personal sector participation in Ghana’s banking sector.

The latest banking sector reform by Financial institution of Ghana noticed a variety of Ghanaian owned banks halting operations, merging with different banks or downsizing to Financial savings and Loans corporations. International banks in Ghana additionally had their justifiable share of the challenges, as most of them needed to fall again on their exterior companions to fulfill the brand new minimal capital reserve requirement imposed by the Financial institution of Ghana.

Although overseas banks in Ghana, to some extent, felt the shakeup within the Ghanaian banking system, they appear to be the least affected occasion when put next with Ghanaian owned banks. A number of overseas banks in Ghana additionally needed to merge to fulfill the brand new minimal capital reserve requirement, whereas others like Financial institution of Baroda(Ghana) needed to shut operations in Ghana.

A typical instance of the overseas financial institution in Ghana who merged was the merger between First Atlantic Financial institution, and Vitality Financial institution. Here’s a record of the remainder of these overseas banks in Ghana, who’re nonetheless dominating Ghana’s banking sector.

READ ALSO: Ghanaian owned banks which might be nonetheless thriving regardless of the banking crises.

Absa Financial institution Ghana Restricted

Barclays Financial institution of Ghana Restricted was not too long ago rebranded to Absa Financial institution Ghana Restricted. The financial institution is without doubt one of the oldest banks in Ghana, and its existence spans way back to 1917 when Ghana was nonetheless below colonial rule.

Absa financial institution has gone by means of a number of rebranding processes. It began as Colonial Financial institution however later grew to become Barclays Financial institution after merging with Anglo-Egyptian Financial institution and the Nationwide Financial institution of South Africa. Absa financial institution’s majority shareholder, Barclays Financial institution Plc, divested its 62.3% shares in Barclays Africa Group, decreasing it to 14.9%.

The Financial institution at present operates over 160 ATMs throughout the nation, with a complete asset price of over Ghs 8.994 Billion. Absa financial institution is now a subsidiary of South Africa’s Absa Group Restricted.

Foreign banks in Ghana

Entry Financial institution (Ghana) Plc

Entry Financial institution, a subsidiary of Nigeria’s Entry Financial institution Group is a industrial financial institution, which has been operational in Ghana since 2009. The financial institution has a common banking license from the Financial institution of Ghana and at present presents a variety of banking companies in its quite a few branches throughout Ghana.

Foreign banks in Ghana

Financial institution of Africa Ghana Restricted

Financial institution of Africa Ghana Restricted (BOA) is a non-public monetary service firm owned by Financial institution of Africa Group, Mali. Previously generally known as Amalbank, it rebranded to Financial institution of Africa (Ghana) in 2011. The financial institution has been working in Ghana for over 20 years.

Financial institution of Africa at present operates over 23 branches in Ghana, and it was valued to be price US$ 276 in complete belongings as of 2015.

Foreign banks in Ghana

EcoBank Ghana restricted

EcoBank Ghana restricted got here into operation in Ghana after EcoBank Transitional (now EcoBank) acquired 100% curiosity within the then The Belief Financial institution, which was a industrial financial institution. The Belief Financial institution was later merged with EBG, giving start to EcoBank Ghana restricted.

EcoBank Ghana restricted is now totally useful industrial financial institution with over 77 branches throughout Ghana. The financial institution’s complete belongings as of 2016 had been valued at GHS 8.06 billion.

Foreign banks in Ghana

First Atlantic Financial institution

The present First Atlantic Financial institution is merged with Vitality Financial institution Ghana. When the Financial institution of Ghana raised the minimal capital reserve from Ghs 120 million to Ghs 400 million, First Atlantic Financial institution couldn’t elevate the brand new sum all by itself. Subsequently, First Atlantic Financial institution merged with Vitality Financial institution to extend its capital reserve to the tune of Ghs 400 million.

The 2 banks after merging succeeded in surpassing Financial institution of Ghana’s minimal capital requirement. First Atlantic Financial institution had belongings valued at over GHS 2.42 billion in 2019. Nevertheless, the banks didn’t rebrand, as they each determined to keep up the identify, First Atlantic Financial institution (Ghana) Restricted.

The brand new First Atlantic Financial institution at present has 41 branches, 65 ATMs, and 260 factors of sale (POS) units nationwide.

Foreign banks in Ghana

First Nationwide Financial institution Ghana

First Nationwide Financial institution Ghana is at present within the strategy of merging with an indigenous financial institution, Ghana House Mortgage Financial institution (GHLB). The subsidiary of First Nationwide Financial institution (South Africa), solely with the assistance of its overseas companions, was in a position to meet the brand new minimal capital reserve requirement of the Financial institution of Ghana.

Nevertheless, Ghana House Mortgage Financial institution (GHLB) was unable to do the identical by itself, in order that they proposed a merger or a buyout to First Nationwide Financial institution Ghana. First Nationwide Financial institution Ghana then determined to purchase out 100% shares of Ghana House Mortgage Financial institution (GHLB). First Nationwide Financial institution Ghana started operations in 2015.

Warranty Belief Financial institution Ghana Restricted

Warranty Belief Financial institution Ghana Restricted, popularly generally known as GTBank, is a subsidiary of the Nigerian multinational financial institution, Warranty Belief Financial institution Plc. GTBank began operations in Ghana in 2016 when it gained its common banking license from the Financial institution of Ghana. The financial institution now operates 32 branches throughout.

Foreign banks in Ghana

Societe Generale Ghana

Societe Generale Ghana is a subsidiary of the French multinational funding financial institution and monetary companies firm, Société Générale. The financial institution began working in Ghana in 1975 however has gone by means of a number of rebranding processes ever since then.

The financial institution started as Safety Assure Belief Restricted however rebranded the next 12 months to Social Safety Financial institution Restricted. It later grew to become Société Générale – Social Safety Financial institution(SG-SSB) after the Authorities of Ghana divested its 21% shares within the financial institution, and Société Générale acquired 51% of the shares.  The financial institution rebranded to its current identify, Societe Generale Ghana to adapt with its group identify, Société Générale.

Societe Generale Ghana at present operates 38 branches throughout Ghana, with a complete asset price of over 1,088 million as of 2012. In 2011, the financial institution was famous to be the 5th largest financial institution in Ghana by way of belongings.

Foreign banks in Ghana

Stanbic Financial institution

Stanbic Financial institution is a subsidiary of the South African monetary companies group, Customary Financial institution Group. The financial institution was named Stanbic Financial institution as a substitute of Customary Financial institution [as its parent bank suggests] to keep away from any battle of id with Customary Chartered Financial institution, its British former dad or mum financial institution already working in Africa. Stanbic Financial institution at present operates in over 12 African international locations.

Foreign banks in Ghana

Customary Chartered Financial institution Ghana

Customary Chartered Financial institution is without doubt one of the oldest banks in Ghana, began operations in 1896. The general public monetary firm is an 80% subsidiary of the British multinational banking and monetary companies firm, Customary Chartered. Additionally, Customary Chartered Financial institution Ghana took over the operations of Financial institution of British West Africa in Ghana. The financial institution is formally recognized in Ghana as Customary Chartered Financial institution Ghana Restricted, and it’s listed on the Ghana Inventory Change.

Foreign banks in Ghana

United Financial institution for Africa

United Financial institution for Africa(UBA) PLC, listed as a industrial financial institution by the Central financial institution of Nigeria, is a pan African monetary service group. UBA Ghana is a subsidiary of this firm. The financial institution began operations in Ghana in 2005 and at present has 28 branches and 58 ATMs throughout Ghana.

UBA Ghana’s dad or mum firm has its operations unfold throughout over 20 African international locations, with complete belongings of US$ 14.6 billion as of 2019.

Zenith Financial institution (Ghana) Restricted

Zenith Financial institution (Ghana) is a subsidiary of the Nigerian and Anglophone West Africa monetary service supplier, Zenith Financial institution, licensed by the Central Financial institution of Nigeria. The financial institution has operations in three different African international locations, together with Nigeria – the headquarters, Sierra Leone and The Gambia. In addition they have subsidiaries in the UK and the United Arab Emirates in addition to an workplace in China.

Foreign banks in Ghana

FBN Financial institution Ghana Restricted

First Financial institution of Nigeria Restricted is a multinational financial institution from Nigeria. At the moment generally known as the largest financial institution in Nigeria, the financial institution began operations in Ghana in 2013 after it solely purchased out Worldwide Industrial Financial institution (ICB), took over its operations in Ghana, and rebranded it to FBNBank Ghana Restricted. FBN Financial institution Ghana Restricted at present has 17 branches and two businesses throughout the nation.

Foreign banks in GhanaWritten by iChris.

For tales of this kind and extra, do properly to go online to www.jbklutse.com or go to us on Fb. To report a typo, electronic mail the editor: press@jbklutse.com.

The put up International banks in Ghana dominating Ghana’s banking sector appeared first on JBKlutse.