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FBNBank Ghana gets $72.5m capital lifeline from Nigerian parent

Ahead of ongoing bank recapitalization exercise in Ghana, First Bank of Nigeria (FBN) has made a strategic inflow of $72.5 million to FBNBank Ghana Limited, to shore up its capital and meet the Bank of Ghana’s (BoG) new minimum capital requirement.
Business Hilights Ghana Bureau chief gathered weekend that the bank is liaising with the BoG and other government agencies to obtain the necessary approval.
In a statement issued by the Managing Director of FBNBank Ghana Limited, Mr. Gbenga Odeyemi, the financial institution averred that “FBNBank Ghana Limited is delighted to announce to its stakeholders, customers and the general public that it has received capital injection from First Bank of Nigeria Limited, its parent bank to enable it to meet the Bank of Ghana’s revised minimum capital requirement for recapitalization.”
Odeyemi had in September 2018, the Managing Director of the bank assured the Ghanaian banking public that FBNBank Ghana Limited was committed to meeting the new capital requirement before the stipulated deadline of December 31, 2018.
Industry analysts say with this, FBNBank Ghana Limited is in a pole position and remains a solid and a dependable financial partner with a strong financial base.
He added that FBNBank Ghana Limited remains resolute in its quest to put its customers and stakeholders at the heart of the bank’s business and to be Ghana’s bank of first choice that delivers value and excellence.
Whereas FBN is among five players in Nigerian Tier I top ranking banking conglomerate, the FBNBank Ghana Limited is currently consolidating with 19 branches and 2 agencies across Ghana.