The Board of Directors of CalBank has announced the nomination of Philip Owiredu as the new Chief Executive Officer (CEO) of the bank pending Bank of Ghana’s approval.

In an official press release issued on Tuesday the directors stated that Mr Owiredu would assume office on January 1, 2020, should BoG approve of him to take over the managing affairs from Frank Adu who will retire on December 31, 2019.

“With a passion for the growth of the CalBank brand and footprint, Mr Owiredu has made a significant contribution to the expansion of the Bank’s business and has been an instrumental player in the bank’s solid-track record of sterling performance,” the statement read.

Mr Owiredu is described as a man of “broad wealth of experience in banking spanning over 15 years across corporate and retail banking, structured and project finance, credit, financial control and has built strong relationships with other banks and financial partners, regulators and international development finance institution.”

The new CEO joined the CalBank brand in 2004 and has been the Bank’s Executive Director and Chief Financial Officer since 2011 and also a fellow member of the Association of Chartered Certified Accountants.

“The Managing Director Frank Adu, two long-serving, non-executive directors of  CalBank, Malcolmn Pryor and Dr Kobina Quansah will be retiring on 31st December 2019,” it stated.

CalBank began its operations in the country as a local merchant bank in 1990 with the objective to provide banking solutions to its clients. The bank acquired its Universal Banking License in 2004.