First National Bank Ghana

First National Bank Ghana Limited (FNBGL), commonly referred to as First National Bank Ghana, is a commercial bank in Ghana. It is licensed by the Bank of Ghana, the central bank and national banking regulator.[2]

First National Bank Ghana
TypeSubsidiary of First National Bank (South Africa)
IndustryFinancial services
Founded2015 (2015)
HeadquartersAccra, Ghana
Key people
Stephan Claassen
Chairman
Dominic Adu
CEO[1]
ProductsLoans, checking, savings, investments, debit cards
WebsiteHomepage

Location

The bank's headquarters are located on the 6th Floor of Accra Financial Centre, at the corner of Independence Avenue and Liberia Avenue, in the neighborhood called West Ridge, in Accra, Ghana's capital city.[3] The geographic coordinates of the bank's headquarters are:05°33'19.0"N, 0°12'05.0"W (Latitude:5.555278; Longitude:-0.201389).[4]

Overview

First National Bank Ghana received a Universal banking license from the Bank of Ghana during the second half of 2015. It opened its first branch in Accra that same year. Beginning as a new greenfield operation, the bank plans to grow organically, with emphasis on digital applications, but mindful of the Ghanaian customers' desire for personal contact.[5]

First National Bank Ghana is a subsidiary of First National Bank South Africa, which is the retail banking arm of FirstRand Group, a large financial services conglomerate, headquartered in South Africa and whose shares are listed on the JSE Limited, where they trade under the symbol: FSR.[6]

Merger with Ghana Home Loan Bank

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). First National Bank Ghana, with the support of its South African parent was able to meet the new minimums. However, Ghana Home Loan Bank (GHLB), an indigenous Ghanaian enterprise had challenges raising new capital. GHLB turned to FNB Ghana to discuss a merger or a buyout.[7]

In May 2020, after regulatory approval from the Reserve Bank of South Africa and the Bank of Ghana, as well as consent from the shareholders of both banks, FNB Ghana acquired 100 percent the shares of Ghana Home Loan Bank. As of 15 May 2020, the process to merge the operations of the two banks were underway.[8] The merger was completed during the second quarter of 2020.[1]

Governance

As of May 2020, the chairman of the seven-person board of directors is Stephan Claassen.[9] Dominic Adu serves as the chief executive officer and leads a team of 11 senior managers in running the day-to-day affairs if the bank.[1][10]

See also

References
  1. Ghanaweb (2 July 2020). "FNB and GHL Bank finalise merger; merged entity called First National Bank Ghana". Accra: Ghanaweb.com. Retrieved 21 November 2020.
  2. Bank of Ghana (15 May 2020). "List of Registered Banks in Ghana". Accra: Bank of Ghana. Retrieved 15 May 2020.
  3. First National Bank Ghana (15 May 2020). "First National Bank Ghana: Contact Us". Accra. Retrieved 15 May 2020.
  4. Google (15 May 2020). "Location of the Headquarters of First National Bank Ghana" (Map). Google Maps. Google. Retrieved 15 May 2020.
  5. Independent Online (31 March 2016). "FNB Launches In Ghana". Cape Town: Independent Online (South Africa). Retrieved 15 May 2020.
  6. First National Bank Ghana (15 May 2020). "About FirstRand Group". Accra: First National Bank Ghana. Retrieved 15 May 2020.
  7. Michael Eli Dokosi (15 February 2019). "GHL Bank and First National Bank (FNB) merger bodes well for mortgage market – GREDA". ccra: Goldstreetbusiness.com. Retrieved 15 May 2020.
  8. Ghanaian Times (9 May 2020). "The First National Bank acquires 100% stake in GHL Bank". Ghanaian Times. Accra. Retrieved 15 May 2020.
  9. First National Bank Ghana (16 May 2020). "The Board of Directors of First National Bank Ghana". Accra: First National Bank Ghana. Retrieved 16 May 2020.
  10. First National Bank Ghana (16 May 2020). "The Executive Management Team of First National Bank Ghana". Accra: First National Bank Ghana. Retrieved 16 May 2020.

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