By William
Yaw Owusu
Thursday,
December 07, 2017
Ghana Home Loans Limited,
the largest mortgage finance institution in Ghana, has transformed into a
universal bank known as GHL Bank.
Ghana Home Loans Limited began
operations in 2006 as a non-bank financial institution, focusing exclusively on
mortgages to individuals in the country and beyond.
It has expanded with the
acquisition of a universal banking licence.
At a well-attended ceremony
in Accra yesterday to officially commence universal banking business, Dominic
Adu, Managing Director of GHL Bank, said the bank would offer insurance, money
transfer, current accounts and savings accounts and strengthen its core mortgage
services.
“As a universal bank, we are working
with the government and building partnerships to make mortgage affordable to create the environment to make home ownership
much easier,” he said.
Mr. Adu disclosed that “we have hired a
world class team and invested in systems and processes ready to provide a
one-stop bank for financial services at every stage of your life – anchored by
our core vision to be the foremost bank for wealth creation.”
Albert Essien, Board Chairman of the
bank, said that “GHL Bank’s entry into the universal banking space has been
long awaited.
“We have taken time to develop a very
strong and effective corporate governance structure and we are poised to
execute unflinchingly on the many expectations of our clients, shareholders and
regulators.”
Mr. Essien further stated that the minimum
capital requirement of GH¢400 million of the Bank of Ghana (BoG) will be met
and deployed prudently.
He said GHL Bank will deliver unique services
to clients to become the foremost institution for wealth creation in Ghana.
A Deputy Governor of Bank of Ghana, Dr
Max Opoku Afari, said the country was emerging out of a period of slow growth,
adding that the financial sector was expected to play a critical role in the
growth stimulation.
He said the Central Bank as a regulator
was supervising a feasible recapitalization of the banking sector and urged the
banks to persist in the assumption of their respective financial intermediation
roles.
Freda Prempeh, a Deputy Minister of
Works and Housing, said the government was committed to closing the housing
deficit by partnering the private sector.
GHL Bank currently operates from its
Airport Residential Area head office, and has plans to roll out its branch
network at strategic locations throughout the country.
The bank currently employs about 160
professionals.
Over the past decade, it has served over
3,000 households with approximately US$190 million in home financing.
The company has sourced over $200
million in long-term funding from a formidable list of institutions such as the
Overseas Private Investment Corporation, Dutch Development Bank FMO, IFC,
Paris-based Proparco, Germany's DEG, ECOWAS Bank for Investment and
Development, Ghana International Bank and Shelter Afrique.
In 2012, the Dubai-based private equity
fund Abraaj acquired a majority stake in Ghana Home Loans, now GHL Bank.
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