Capital Bank (Ghana)

Capital Bank

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Type	Public
Industry	Private banking, National development banking, Asset management, Investment banking, Financial Services
Founded	2009
Headquarters	Kumasi, Ashanti, Ashantiland, Ghana
Key people	William Ato Essien Founder Dr. Mensa Otabil Chairman Rev. Fizgerald Odonkor CEO
Products	Private banking, National development banking, Asset management, Investment banking, Investments, Loans, Savings, Checking, Speed banking
Revenue
Total assets	US$140 million; 2013 GHS:286.80+ million; 2013
Number of employees	355
Website	www.firstcapitalplus.net

Capital Bank (previously First Capital Plus Bank) is an indigenous private national development and commercial Ghanaian bank. It is one of the private national development and commercial banks licensed by Bank of Ghana, the national banking regulator. It is one of the few wholly owned Ghanaian banks.

History

Capital Bank was founded by William Ato Essien on 29 October 2009 as a microfinance company. As the assets of the company grew, it became a Savings and Loans Company known as First Capital Plus Saving and Loans Company. In 2010 the microfinance grew its deposit base to 36.06 million cedis and total asset size of 47.18 million cedis. In 2013 First Capital Plus Bank had deposit base of 211.11 million cedis and total assets of 286.80million cedis. The Bank of Ghana states that FCP has a market share of 16% of the advances of savings and loans companies and 19% of the sector total assets. The Bank currently employs 355 and has 15 branches covering five regions.The company grew its base deposit and assets from its inception till 2013 when it applied and was awarded a provisional universal banking licence in July, 2012. After the six month provisional period, the bank was given a full license on 4 December 2013 and became officially known as First Capital Plus Bank. The firm later re-branded to Capital Bank in 2015.

Services

The bank offers mainstream banking services which include cash deposits and withdrawals, savings and loans and financial advise consultation. In 2011 it introduced a cash deposit service known as SpeedBanking. The service allows bank customers to deposit cash into their bank accounts at their convenience through their mobile phones without physically being present in any bank branch.

Board of Directors

• Dr. Mensa Otabil is Chairman; Rev. Fizgerald Odonkor is Chief Executive Officer.

Branches

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Capital Bank branch in Kumasi Metropolitan Assembly

Capital Bank is headquartered in Kumasi with another headquarter at the Capital Plaza on the Spintex Road. The bank as at December 2013 has fifteen operational branches in five regions of Ashantiland.

Sponsorships

Ghana Premier League Logo

On 4 February 2014, Capital Bank became the headline sponsor of the Ghana Premier League. This sponsorship agreement between the bank and the Ghana Football Association is a five-year deal worth ten million dollars. The deal was hailed by Elvis Afriyie Ankrah, Minister of Youth and Sports of Ghana and was considered timely as the Ghanaian league had been without a title sponsor for over four months. The bank per the agreement will pay the Ghana Football Association two million dollars per year until 2019. The first payment of five hundred thousand dollars was made on 5 February 2014.

Awards

• In September, 2013 Capital Bank was the non-bank financial institution of the year 2012 by the Chartered Institute of Marketing Ghana.
• In October, 2013 Capital Bank was the 10th best performing company for the year 2012 and the best in the Non-Bank Financial Institutions sector at the Ghana Club 100 Awards organized by the Ghana Investment Promotion Centre.