CalBank will survive beyond me - Frank Adu Jnr

CalBank will survive beyond me - Frank Adu Jnr
Source: Philip Nanfuri | JoyBusiness
Date: 17-05-2018 Time: 06:05:28:pm

Managing Director of CalBank, Frank Adu Jnr has disclosed that the bank will continue to operate efficiently even if he retires from the institution.

He was speaking to investors, brokers and the press during the bank’s turn at the Ghana Stock Exchange’s “Facts behind the figures” in Accra.

In a response to a question posed to him, Mr Adu indicated he had wanted to step down in December 2018 but yet to be certain on the matter.

“Actually I wanted to retire in December, December of this year. Which tells you that the bank will survive beyond me. I don’t think that anybody should entertain the notion that Frank Adu is CalBank and CalBank is Frank Adu, no!”

He said, “I ride on the shoulders of very competent people. If a head of the department should leave tomorrow, somebody would seamlessly step in the person’s place.

There will definitely be CAL Bank beyond Frank Adu,” he added.

Going Green

The Managing Director also revealed that the bank is committed to environmentally sustainable practices.

He demonstrated this by the bank’s commitment of a minimum of $12.5 million to fund renewable or green energy projects.

He also disclosed that the bank’s new head office which is still under construction will be a power efficient building with a 500KV solar system to provide its own electricity and also put a system to provide its own source of water.

He further added that in the bank’s branches, the use of bio-degradable paper is of utmost priority as compared with polyethene and other plastics.

The bank has found a partner in the international community that would support the bank in the rollout of green energy lending.

Some of these measures he believes are better for the environment.

Banking sector problems

He described the recent occurrences in the banking sector as troubling. He advised all relevant stakeholders to be wary of how we discuss and manage these issues going forward.

Today's market capitalisation is approximately ¢877 million which is ¢548 million issued shares multiplied by the share price of ¢1.60p.

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