First Atlantic Bank

Last updated

First Atlantic Bank
Type Private
Industry Financial services
Founded1995;26 years ago (1995)
Headquarters1 Seventh Avenue, Ridge West, Accra, Ghana
Key people
Mr. Amarquaye Armar
Chairperson
Odun Odunfa
Managing Director
Products Loans, Checking, Savings, Investments, Credit cards, Debit cards, Prepaid cards, Mortgages
RevenueIncrease2.svgAftertax:GHS28,016,000 (Q3:2019)
Total assets GHS:2.42 billion (Q3:2019)
Number of employees
600+ (2020) [1]
Website Homepage

First Atlantic Bank is a universal bank in Ghana. It is licensed as a commercial bank, by the Bank of Ghana, the central bank and national banking regulator. [2]

Contents

Location

The bank headquarters are located at 1 Seventh Avenue, Ridge West, in Accra, Ghana's capital and largest city. [3]

Overview

As of 30 September 2019, the bank controlled assets valued at GHS:2.42 billion (approx. US$420 million), with shareholders' equity of GHS:518.4 million (US$90 million). [4] As of May 2019, the bank maintained 41 networked branches, 65 automated teller machines, and 260 point of sale devices, in all regions of Ghana. [5]

History

The Bank was started in 1995 as a merchant bank and operated mainly in Accra. In 2011 the Bank of Ghana granted it universal bank status. [6] In September 2017, the Bank of Ghana directed all universal banks in Ghana to raise their minimum capital reserves from GHS:120 million (US$22.8 million) to GHS:400 million (US$73.4 million). In December 2018, First Atlantic Bank merged with Energy Bank Ghana, to meet new capital guidelines, mandated by the Bank of Ghana. The name of the merged entity remained First Atlantic Bank (Ghana) Limited [7]

Governance

The chairperson of the nine-member board of directors is Mr. Amarquaye Armar. The managing director and chief executive officer is Odun Odunfa. [8]

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References

  1. ↑ First Atlantic Bank (9 April 2020). "First Atlantic Bank Ghana: Careers". Accra: First Atlantic Bank Ghana. Retrieved 9 April 2020.
  2. ↑ Bank of Ghana (9 April 2020). "List of Registered Commercial Banks In Ghana". Accra: Bank of Ghana . Retrieved 9 April 2020.
  3. ↑ First Atlantic Bank (2021). "First Atlantic Bank: Contact Us". Accra: First Atlantic Bank. Retrieved 9 April 2020.
  4. ↑ First Atlantic Bank (30 September 2019). "Financial Statements As At 30 September 2019" (PDF). Accra: First Atlantic Bank. Retrieved 9 April 2020.
  5. ↑ Kingsley Asare (3 May 2019). "First Atlantic Bank shows remarkable growth". Ghanaian Times . Accra.
  6. ↑ First Atlantic Bank (2019). "First Atlantic Bank: About Us: Corporate Profile". Accra. Retrieved 9 May 2019.
  7. ↑ Ghana Talks Business (10 January 2019). "First Atlantic Bank exceeds BoG's capital requirement". Accra: Ghanatalksbusiness.com. Retrieved 9 April 2020.
  8. ↑ First Atlantic Bank (2019). "The Board of Directors at First Atlantic Bank". Accra: First Atlantic Bank. Retrieved 9 April 2020.
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