From: Daily Guide/Ghana Ecobank Ghana Limited has reached a mutual agreement with the Social Security and National Insurance Trust (SSNIT) over the sale price of The Trust Bank (TTB). However, it is unclear how much Ecobank is offering to SSNIT for its 61.14 percent stake in TTB. But SSNIT is expected to seek the approval [...]
Read the rest of this story »The Standard Bank Group, parent company of Stanbic Bank Ghana, and the Industrial and Commercial Bank of China Limited (ICBC), have signed two agreements which will provide a framework for cooperation in trade and the settlement of netting of precious metals transactions. The agreements also cover other transactions such as Trade Finance, international payment and [...]
Read the rest of this story »Interest rates on bank loans is expected to drop to about 15 percent if the economic fundamentals improve, Asare Akuffo, Managing Director of HFC Bank Ghana says. Several factors go into the determination of lending rates which include Treasury Bill Rate, Policy Rate, cost of funds, loan loss provision, administrative overhead, profit margin, competitors’ action, [...]
Read the rest of this story »From: Ghana/B&FT Albert Mmegwa – Managing Director of Intercontinental Bank Ghana (IBG) – is due to leave the bank on December 12, 2011. A statement from the bank said Mmegwa tendered in his resignation after spending more than a decade of his professional life within the Intercontinental family. “Mr. Mmegwa leaves behind a legacy of [...]
Read the rest of this story »by Mridula Sudharsan Standard Chartered Bank has launched its direct custody services in Zimbabwe and Nigeria, taking its coverage in Africa to a total of 17 markets. The other countries include Botswana, Ghana, Kenya, Mauritius, Tanzania, Uganda, Zambia, Egypt, Cote d’Ivoire, Malawi, Morocco, Namibia, Tunisia, South Africa and Rwanda. Following the successful integration of Barclays [...]
Read the rest of this story »From: Joy Business/Ghana A group calling itself BRIGDE and affiliated to the governing National Democratic Congress (NDC) has petitioned President J.E.A. Mills to stop the intended sale of SSNIT shares in The Trust Bank. Group Chairman, Amon Kotey who walked into Joy FM studios with a copy of the petition says the move would be [...]
Read the rest of this story »The Ghana National Chamber of Commerce and Industry (GNCCI) has appealed to the government to help regulate interest rates to keep the private sector in business. “Government will groom businesses to assist in building the nation if it regulates interest rate instead of controlling it”, the GNCCI said. Mr Seth Adjei Baah, President of GNCCI, [...]
Read the rest of this story »Banks and financial institutions may soon be charging Value Added Tax (VAT) for some of advisory services they are offering. The bill that will actualize this is currently before parliament. The tax will however not be applied to deposits, ATM charges and the main traditional services bank render to their customers. Joy Business has learnt [...]
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