One of Ghana’s indigenous banks, Cal Bank, has received massive support and confidence from shareholders, as massive capital has been raised to strengthen the bank.
A recent Rights Issue has raised far more money than the bank expected. It will be recalled that the local bank had capitalization challenges, an issue that the bank collaborated with the Bank of Ghana to resolve.
The Rights Issue is simply an opportunity for existing shareholders to buy more shares at a discounted price, which is one of the ways the BoG approved to help capitalize the bank, including other measures.
The bank planned to raise GHC 900 million in the rights issue, but shareholders poured in GHC 1.164 billion. This is almost 30 percent more than the target.
Nearly 1,800 shareholders, from big institutions to everyday investors, took part in the offer, showing they believe in the bank’s future and want to be part of its growth.
According to CalBank, this huge oversubscription is a clear sign that investors trust the bank’s direction, leadership, and long-term strategy.
The funds will help CalBank strengthen its financial position and support its growth plans, especially its ambition to become Ghana’s leading homegrown bank for customer service and innovation.
For customers, this new feat means a stronger, more stable bank. For shareholders, it means they are backing a company they believe can deliver steady, sustainable returns.
Commenting on the development, the Board Chairman, Daniel Sackey, was full of praise, extending his appreciation to shareholders and regulators.
He reassured all stakeholders of the bank that it will continue to reinforce discipline in the management of the funds. He added that the bank is still committed to delivering results in the interest of all stakeholders.
“The resounding level of support we have received is a clear and undeniable endorsement of the trust investors continue to place in CalBank – our vision, our potential, and the strategic role we occupy within Ghana’s financial ecosystem. This confidence is not taken lightly. It reflects a shared belief in our resilience and our ability to create sustainable value in an evolving market landscape,” the Board Chairman indicated.
He added, “The Board remains unwavering in its commitment to disciplined, high-quality execution. We are focused on delivering results that are not only timely but strong, consistent, and grounded in sound governance and prudent risk management.”
Managing Director of the bank, Carl Asiem, also thanked staff, shareholders, and stakeholders for their effort. He indicates that the additional capital injected opens a new chapter for the bank.
“CalBank is entering a new era – one defined by resilience, momentum, and disciplined growth. Over the past two years, we have quietly but deliberately restructured our balance sheet, rebuilding it to be stronger, more sustainable, and fully aligned with our long-term aspirations. With the injection of new capital, we now have the final catalyst needed to activate our renewed strategy – one anchored on innovation, customer centricity, and operational excellence,” the MD noted.
The massive oversubscription is an indication that CalBank has earned the confidence of its investors, and they’re willing to put their money behind it.
