Energy Bank celebrates Otumfuo


H.E. Dr Jimoh Ibrahim, the Chairman of Energy Bank,asubsidiary of Global Fleet Group, has congratulated the Asantehene, Otumfuo Osei Tutu II, on the occasion of his 62nd birthday. Dr Ibrahim added the bank will continue to support various initiatives of the Asantehene aimed at improving socio-economic development of Ghana’s economy.

He also lauded the Asantehene for the development he has brought to his region and brokering peace in other parts of the country. The bank supported the Manhyia Palace through various activities including donations to the Otumfuo Osei Tutu Charity Foundation and the Asantehene Educational Trust Fund. 

To mark the occasion the bank commissioned an ATM at the Palace to serve both the bank’s customers within the Palace and the general public. “The bank also plans to roll out additional 50 ATMs very soon.” He added. Dr Jimoh Ibrahim further reiterated the group’s commitment at investing fifty million dollars toward building a first-class hospital provided the government will provide land where such hospital will be built.

He further pledged the group’s support to assist Government in funding projects that relate to Real-Estate, Service industries, Oil and Gas, and infrastructure Investment. Our concern, he said, will be to develop indigenous entrepreneurs that will help assist the Government of Ghana in sustaining development agenda.

Speaking on the future outlook of the company, Dr. Ibrahim said Energy Bank is not going to be solely an energy-focused bank. “The ‘energy’ in the name is to showcase a bank with vitality, strength and power in its approach to solution banking. Nevertheless, the strategic plan is to lead the way by displaying unparalleled competence and skill that would make us the bank of first choice in the emerging oil and gas business in Ghana.”

The bank with its headquarters located at GNAT Heights has expanded its geographical foot prints to Tema, the Central Business District of Accra and Adum in Kumasi within its first year of operations. “The bank also plans to increase its branch network from four to ten by the close of the year.” He said.

We shall continue to pursue our organic and inorganic growth strategies to garner a sizable share of the market and the opportunies that the Ghanaian market has to offer as a fast-growing medium-income economy. Talking of organic growth, Takoradi is our next focus; we shall, by the grace of God, be in Takoradi before the end of  June. For the inorganic growth, we are open for discussions with banks that may be unable to meet the December 31 2012 deadline stipulated by Bank of Ghana provided such banks share the same vision and aspirations as our Bank.

We have widened the scope of  bespoke products and services rendered. Aside of the normal deposit accounts, we have special products like the Energy Temple Account, Energy Kid Account, etc. The Energy Temple account is an operational current account linked to interest bearing investment account with churches as its target focus, whilst the Energy Kid is aimed   at encouraging parents to save for the children as well as to inculcate in children the habit of saving.

The bank has also entered into strategic alliances with reputable institutionsincluding Air Nigeria, Western Union, and Airtel Ghana to aid financial transactions across the country and the West African Sub Region.We have as at today, one of the robust IT platforms to aid seamless transactions. As you may be interested, the bank is looking seriously into the issue of increasing our capital base from the initial GHc 60 million to about GHc 100 million to further put us ahead of competition and to put us in a vantage position to finance big ticket transactions.

On the bank’s financial performance, Dr Ibrahim disclosed that total assets grew to GH¢200million, deposits to GH¢107 million with profit after tax of GH¢3.6mas at December 31, 2011.