News

CAL Bank, (Ghana Stock Exchange: CAL) a universal bank based in Ghana with a historic focus on manufacturing and export services and expansion into Retail Banking, Asset Management and Brokerage Services, has launched a GH¢ 30 million (approx US$ 20 Million) renounceable rights offer in Accra today.   

 

Speaking from the Bank’s headquarters in Accra, Ghana, Frank Adu Jnr, CEO of CAL Bank, said: “Since we made the move to universal banking in 2004 we have enjoyed considerable growth and are now the leading independent bank in Ghana. With strong government institutions and newly discovered oil wealth, Ghana is poised for a renewed period of sustained growth across a range of sectors. We believe that with this recapitalization we will be ideally placed to prosper in this dynamic trading environment” 

 

Commenting on CAL Bank’s strategy he added: “Our strategy to focus on delivering a first class service to the corporate and retail sectors by leveraging superior technology has already shown results. We have recorded strong deposit growth (04-08 CAGR 42%) and at the 2008 Ghana Banking awards we were named Best Retail Bank and won Best Product Innovation for our SMS banking service.” 

 

Commenting on the deployment of the monies to be raised he further added: “We intend to use the monies to be raised to continue the expansion of the branch network over the next two years, to improve our IT platform and to diversify our sector expertise so we can provide services to corporate clients of increasing size with a particular focus on the nascent Oil and Gas sector”  

 

 

• Offer Size - GH¢ 30 million 

• Offer Structure – Rights Issue, 150 million shares  

• Price – GH¢ 0.20 per share to qualifying shareholders  

• Listing – New ordinary shares to be listed on the Ghana Stock Exchange 

• Lead Managers - NewWorld Renaissance Capital , IC Securities  

• Sponsoring Brokers – NewWorld Renaissance, IC Securities, CAL Brokers 

 

FOR FURTHER INFORMATION:  

 

CAL Bank 

Philip Owiredu (Chief Financial Officer) +233 (0)21 680 264  

Dzifa Amegashie (Investor Relations Officer) +233 (0)21 685 091 

 

africapractice (Investor Relations advisers)  

Azim Datardina +233 (0)261 906 139  

Nicholas Chambers +234 (0)703 232 3089 

 

Notes to the Editors: 

About CAL Bank 

CAL Bank commenced operations in July 1990, and is considered to be one of the most innovative banks in Ghana.  

 

The Bank mobilizes resources in world financial markets, and channels them to the Ghanaian market. In this way, CAL Bank supports the development of the national economy, focusing particularly on the manufacturing and export sectors.  

 

With its highly skilled professional staff, CAL Bank plays an important role in the Ghanaian financial sector by providing wholesale banking services to corporate clients with sound financial bases and competent management. Emphasis is placed on the economic viability and technical feasibility of each project, as well as the marketability of the client's products and services. 

 

Having recently acquired a Universal Banking License in 2004, CAL has included a retail banking arm to its operations with specialized products and services to cater for the retail market. To complement retail banking & in line with its expansion programme, CAL is in the process of opening several branches in major cities and business districts in Ghana.