Listing on Ghana Stock Exchange Will Be Beneficial - Says ADB MDSep 25 2014
The Agricultural Development Bank (ADB) predicts that its imminent listing on the Ghana Stock Exchange will be very beneficial to the Bank, customers, stakeholders and the country in general. Stephen Kpordzih, Managing Director of ADB made this assertion at the formal opening of his bank’s new branch in the Tema Meridian Business Centre of the Metropolis.
“The listing on the Ghana Stock Exchange is a means to basically give Ghanaians a sense of ownership, expand the shareholder base and increase the equity base of ADB. We are determined to remain an indigenous institution, hence our choice to go to the Ghana Stock Exchange to raise additional capital. This will enhance access to funding and boost the competitiveness of ADB. The end result will be very beneficial to the Bank, stakeholders, country and our customers” Mr. Kpordzih pointed out.
Mr. Kpordzih said ADB has the third largest branch network and also utilizes several e-channels to provide services to its customers. In terms of financial performance, ADB has recorded strong growth and improved profitability since 2009. “I wish to assure the good people of Ghana that we have prepared the Bank adequately to go through the IPO process” Mr. Stephen Kpordzih assured.
Cabinet earlier this year gave approval for ADB to list on the Ghana Stock Exchange through an Initial Public Offering and the Managing Director also used the occasion of the opening of the new model branch to express the Bank’s gratitude to government for the decision taken, describing it as a “progressive decision”.
Touching on the new Tema Meridian Branch, Mr. Kpordzih stressed that the Banking Hall and other facilities of the new branch have been carefully designed to make banking very convenient. “The idea of these model branches which we are opening is to make customers and clients proud of their association with ADB and also give first class services and convenience to customers wherever they find our Branches” he stated.
The opening of the Branch at Tema Meridian increases the network of ADB to 78 Branches in the whole country and also increases its presence in Tema and nearby Ashaiman to 4 Branches. The ceremony was witnessed by several dignitaries including Nana Soglo Alloh IV, Board Chairman of The Agricultural Development Bank, Senior Executives and Customers of the Bank.
The Agricultural Development Bank earlier in the year opened its first model branch in Ejisu and relocated the Dansoman Branch into a new model branch in Dansoman. According to the bank, the new model Branches will serve as the standard for all its future branches, while all the existing branches will be gradually refurbished to the same model standard.