CalBank outlines strategies to digitally transform operations

By
Julius K. Satsi, GNA

Accra, Nov.09, GNA –
CalBank will in the next three years focus on the digital transformation of its
operations to enhance performance and provide access to products and services
for customers at their convenience.

The bank would also
enhance the bank’s digital strategy, introduce new products and provide bespoke
services to grow the bank.

Mr Philip Owiredu,
the nominated Chief Executive Officer (CEO) of the Bank, revealed this when he
spoke at the bank’s ‘Facts behind the Figures’ programme organised by the Ghana
Stock Exchange (GSE), to provide a platform for listed companies to give
information to the investing public.

He said the Bank
would adopt some measures to increase non-funded income as against funded
income to maximise profit in the coming years.

Mr Owiredu said the
Bank would increase women access to banking services by using its agency
banking, a product the bank introduced some six weeks ago.

He said the bank had
acquired a Certificate of Participation (COP) in the international market and issued
a paper bought by investors in the New York.

The nominated CEO
said the COP, which is a 12-year facility, would enable Small-to-Medium
Enterprises to access loan facilities from the bank towards boosting their
business operations.

Mr Frank Adu Jnr,
the Outgoing CEO of Bank, who will bow out on December 31, this year said
CalBank was a good institution, noting that he was confident his successor
would take the bank beyond its current state.

He urged all and
sundry to support his successor to prosper, saying: “My departure at the end of
this year is actually going to be a blessing to the bank as opposed to anything
else”.

Responding to issues
of high interest rate, the CEO said high interest rates were not caused by the
banks but were a reflection of the management of the economy.

Mr Ekow Afedzie, the
Managing Director of the Ghana Stock Exchange, commended CalBank for being the
only company committed to appearing twice every year on ‘Facts behind the
Figures’ since listing on the exchange in November 5, 2004.

He said: “Cal has
been very consistent in terms of complying with all the disclosure requirement
of the exchange, and that, information flow from listed companies to the
investing public is very critical for decision making, which is the idea behind
the ‘Facts behind the Figures’”.

Mr Afedzie said Cal
was the most liquid stock on the market because its 24,000 shareholders were
always trading on the market but said that, however, could affect the share
prices if the market was not doing well.

He commended Mr
Frank Adu Jnr, the Outgoing CEO of the Bank for his instrumental role in the
growth of the Exchange, especially as he led a number of interventions during
his 12-year role as Chairman of the Council of the GSE.

Mr Afedzie said
before the end of this year, the GSE would introduce a number measures to calm
down rapid declining of prices on the market using small volumes, and that the
Exchange would also ensure the improvement of liquidity on the market by
introducing new features.

GNA

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