First Atlantic Bank

First Atlantic Bank is a universal bank in Ghana. It is licensed as a commercial bank, by the Bank of Ghana, the central bank and national banking regulator.[2]

First Atlantic Bank
TypePrivate
IndustryFinancial services
Founded1996 (1996)
Headquarters1 Seventh Avenue, Ridge West, Accra, Ghana
Key people
Karen Akiwumi-Tanoh
Chairperson
Odun Odunfa
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit cards, Mortgages
RevenueAftertax:GHS28,016,000 (Q3:2019)
Total assetsGHS:2.42 billion (Q3:2019)
Number of employees
600+ (2020)[1]
WebsiteHomepage

Location

The bank headquarters are located at 1 Seventh Avenue, Ridge West, in Accra, Ghana's capital and largest city.[3] The geographical location of the bank's headquarters are 05°33'25.0"N, 0°12'16.0"W (Latitude:5.556944; Longitude:-0.204444).[4]

Overview

As of 30 September 2019, the bank controlled assets valued at GHS:2.42 billion (approx. US$420 million), with shareholders' equity of GHS:518.4 million (US$90 million).[5] As of May 2019, the bank maintained 41 networked branches, 65 automated teller machines, and 260 point of sale devices, in all regions of Ghana.[6]

History

The Bank was started in 1996 as a merchant bank and operated mainly in Accra. In 2011 the Bank of Ghana granted it universal bank status.[7] In September 2017, the Bank of Ghana directed all universal banks in Ghana to raise their minimum capital reserves from GHS:120 million (US$22.8 million) to GHS:400 million (US$73.4 million). In December 2018, First Atlantic Bank merged with Energy Bank Ghana, to meet new capital guidelines, mandated by the Bank of Ghana. The name of the merged entity remained First Atlantic Bank (Ghana) Limited[8]

Ownership

The shares of stock of First Atlantic Bank are privately owned by individuals and corporate entities. The shareholders in the bank, as of 31 December 2018, are as illustrated in the table below.[9]

Shareholding In the Stock of First Atlantic Bank, Ghana
RankShareholderPercentageNotes
1Kedari Nominees Limited58.09
2A.A. Global Investments Limited13.58
3AFIG Fund18.71
4Sir Sam Jonah2.06
5FABL Ownership Scheme (ESOP)1.68
6Allied Investment Company Limited1.56
7J. E. Amakye, Jnr.1.40
8Kwaku Akosah-Bempah1.07
9F. M. Plastechnic Limited0.72
10Buck Investments Limited0.42
11Jude Arthur0.23
12Odun Odunfa0.20
13Wilkins Investments0.15
14Estate of the late Holdbrook Arthur0.13
Total100.00

Governance

The chairperson of the nine-member board of directors is Karen Akiwumi-Tanoh. The managing director and chief executive officer is Odun Odunfa.[10]

References
  1. First Atlantic Bank (9 April 2020). "First Atlantic Bank Ghana: Careers". Accra: First Atlantic Bank Ghana. Retrieved 9 April 2020.
  2. Bank of Ghana (9 April 2020). "List of Registered Commercial Banks In Ghana". Accra: Bank of Ghana. Retrieved 9 April 2020.
  3. First Atlantic Bank (2020). "First Atlantic Bank: Contact Us". Accra: First Atlantic Bank. Retrieved 9 April 2020.
  4. Google (9 April 2020). "Location of the headquarters of First Atlantic Bank, Accra, Ghana" (Map). Google Maps. Google. Retrieved 9 April 2020.
  5. First Atlantic Bank (30 September 2019). "Financial Statements As At 30 September 2019" (PDF). Accra: First Atlantic Bank. Retrieved 9 April 2020.
  6. Kingsley Asare (3 May 2019). "First Atlantic Bank shows remarkable growth". Ghanaian Times. Accra.
  7. First Atlantic Bank (2019). "First Atlantic Bank: About Us: Corporate Profile". Accra. Retrieved 9 May 2019.
  8. Ghana Talks Business (10 January 2019). "First Atlantic Bank exceeds BoG's capital requirement". Accra: Ghanatalksbusiness.com. Retrieved 9 April 2020.
  9. First Atlantic Bank (29 March 2019). "Annual Report For The Year Ended 31 December 2018" (PDF). First Atlantic Bank. Retrieved 9 April 2020.
  10. First Atlantic Bank (2019). "The Board of Directors at First Atlantic Bank". Accra: First Atlantic Bank. Retrieved 9 April 2020.
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