Bank of Ghana and Cross-Border Financial Services Ltd - CBFS - The Bank’s medium-term objective remains bringing down inflation to single digits. The inflation targets are announced each year and these targets are set jointly by the Central Bank...
Ghana High Commission and Cross Border Financial Services - CBFS, Our mission is to co-ordinate, promote and protect the national interests of Ghana within the United Kingdom and the Republic of Ireland.

Ecobank Ghana’s credit rating has been affirmed at AA-(GH) and A1+(GH) in the long term and short term respectively, with a stable outlook, according to  Global Credit Rating Company. The bank posted a profit before tax of GH¢332.8million for the third quarter of 2014, a 90% jump from the 2013 figure of GH¢175.4million, with total income increasing by 47% to GH¢621.1million from GH¢423.8million in 2013 and customer deposits increasing by 47% to GH¢4.1billion as against GH¢2.7billion in 2013. Ecobank Ghana is, currently, the largest bank in Ghana with an asset size of GHS5.9billion as at end of 3rd quarter 2014.

At the end of December 2014, some banks distinguished themselves as thriving brands in the banking sector for the year. Cross Border Financial Services Director's, have reviewed these institutions to ensure that our principals get you the best financing requirements.

Zenith Bank Ghana was named “Bank of the Year 2014 in Ghana” by The Banker magazine. Zenith is the only bank among its peers to win this award and has also secured a place in the top echelons of the industry in Ghana, having become part of a narrow, exclusive club of Banker Awards winners including GCB Bank (2013,) Barclays Bank Ghana (2012) and Ecobank Ghana (2010). Zenith’s record financial performance in 2013, which has continued into 2014, contributed to its winning the award.

The Royal Bank adjudged Best Growing Bank at the 13th Ghana Banking Awards is looking forward to expand its branch network to 26 branches in six regions by the end of 2015. The move, according to the bank, is to ensure that both existing and prospective cus¬tomers experience its first class banking services. The bank posted a profit before tax of GHȻ13,127,915 in its first year of operations in 2013.

Fidelity Bank achieved a milestone after the Bank of Ghana approved the acquisition of ProCredit Ghana. This followed Fidelity Bank’s shareholders’ approval at its extraordinary General Meeting on 23rd September 2014. Following these approvals, Fidelity Bank acquired 100% ownership of ProCredit Savings and Loans Company Ltd., (“ProCredit Ghana”) from its current two shareholders ProCredit Holdings and the DEON Foundation of the Netherlands.

Standard Chartered Bank started the year with its net profit for the three months through to March rising by 43 per cent to 60.98 million cedis ($21.54 million,) compared with 42.63 million cedis a year ago. Net interest income rose 40.6 per cent to 84.1 million cedis. During the year, the bank’s underlying performance did show some re-silience as total operating income rose by 27 per cent to GHȻ385 million while cost increased by 39 per cent to GHȻl29 million. Its deposits shot up to GHȻ2.262 million, representing a 29 per cent jump while advances also grew to GHȻ1,415 million.

Ghana Commercial Bank unveiled its new brand identity ceremony this year. The new logo marks the beginning of the next generation of GCB which would be a dynamic force in the banking industry in Ghana. During the year, GCB had Moody lower its global local-currency long-term ratings to B2, from B1, and the foreign-currency deposit ratings to B3, from B3 saying the outlook was negative. The affirmation of GCB’s standalone ratings also reflected the material improvements in the banks capitalization and profitability metrics since 2011, with the shareholder equity-to-assets ratio at 14% as of March 2014, and a return on equity of 62.6% as at year-end 2013. The higher capital buffers and earnings generating capacity have strengthened the banks’ ability to withstand a significant deterioration in the quality of its loan book.

The Hitherto Savings and Loans Company; First National Savings and Loans; made official, its status as a Universal Bank and subsequent change of its Universal Banking name of First National Bank to GN Bank during the year. The Bank also changed its logo in conformity with its new name. GN Bank Ghana has secured a $9 million (USD) equity investment from the Soros Economic Development Fund (SEDF) to expand banking services in rural Ghana and reach one million new customers. It is estimated that 66 per cent of Ghana’s adult population is unbanked with only 5.1 bank branches per 100,000 adults. GN Bank Ghana; founded in 1997 and licensed to operate as a savings and loans company in 2006; currently serves customers nationwide through 103 branches, employing close to 1,500 employees. GN Bank employs 700 mobile bankers who go on foot daily into markets across Ghana to collect deposits and administer loans.

Access Bank Ghana Limited was voted Bank of the Year 2013 at the 13th Ghana Banking Awards ceremony held on Saturday. The bank also won first place in Corporate Social Responsibility, 1st Runner Up in Enterprise Finance and 2nd Runner Up in Household Finance.

CAL Bank, after securing a huge capital credit of $28.5 million from the French government development finance institution (PROPARCO) in July 2014, investors are even much more expectant to benefit from the ripple effects on the Return on Equity (ROE) of the bank. This Tier 2 Capital agreement is indicative of the scale up in investor confidence in the stock and increased prospects for the bank. The bank has added 4.12 per cent to investors’ capital since the beginning of 2014, though relatively low, there are opportunities for growth in returns on equity for the bank. The stock remained relatively stable since the capital injection, but has since seen marginal appreciations in its value as the close of November, 2014.

Merchant Bank was rebranded to Universal Merchant Bank. Merchant Bank was acquired by Fortiz, a Private Equity Fund, last year. Fortiz paid GHS90million for a majority stake in the bank. The amount gave them a controlling stake of 90% in the bank, leaving the minority 10% to SSNIT.

Republic Bank was given the nod to go ahead with the process of taking over HFC Bank. As part of Republic Bank’s strategic partnership with HFC Bank, Republic Bank will be directly involved in the Risk Management and E-Banking departments. Republic Bank’s vision is to expand and grow the organization to move the bank to a top-tier bank within the shortest possible time.


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