The recent one percent point increase in the policy rate to 13.5 percent announced by the Bank of Ghana (BOG) is not expected to lead to an increase in lending rates by banks, Mr. Sam Ayininuola, Managing Director and Chief Executive Officer, Energybank, has said. “The increase in the policy rate will not have an effect on the lending rates of banks. Banks will not rush into increasing lending rates just because of increase in the policy rate. It will remain the same, I do not see banks increasing lending rates” he said. Mr. Sam Ayininuola was speaking to the B&FT in Accra on the performance of the bank and other issues affecting the banking industry. The governor of the Bank of Ghana, Mr. Kwesi Amissah-Arthur, announcing the new policy rate warned that while government’s fiscal targets were met in 2011, potential sources of pressure exist in the outlook for this year. Mr. Ayininuola anticipates a lot of spending this year: “This is an election year; we will see a lot of spending. Once the spending starts, all the parameters BOG has put in place will be affected.” Energybank Ghana is the first universal banking undertaking of the Energy Group which has operations in several industries including insurance, airlines, properties, and oil & gas across West Africa and is headquartered in Nigeria. Mr. Ayininuola explained that though the name of the bank “immediately creates the impression we are here because of the country’s emerging oil and gas sector, our choice of name has more to do with our outlook on business whereby we see a vibrant, vigorous bank working with enthusiasm to meet our customers’ expectations. “A lot of people think we are a specialised bank, but Energybank is a universal bank. We will play in all sectors of the economy -- agric, manufacture and general business,” he said Within one year of starting its operations, the bank’s total assets at the close the 2011 financial year stood at GH¢200million, while its customer base grew to 600. The banks deposit also stood at GH¢150million. It currently has three branches and is expected to open its Accra Central Branch to mark its first anniversary this week. The bank is to deploy 80 ATM machines nationwide in the coming years to bring banking closer to the people. Energybank, which has met the BOG’s minimum capital requirement of GH¢60million, is looking to raise an additional GH¢40million to bring its capital base to GH¢100million. This will make it one of the most capitalised banks in the country and enable it to play a role in big ticket transactions.