Republic Court Building commissioned in style as Republic Bank aims to become a Tier 1 bank in Ghana
The Republic Court Building now serving as the headoffice of Republic Bank Ghana, has been duly commissioned.
With the commissioning of the Republic Court Building, the Trinidad and Tobago owned bank with over 184 solid years of banking experience and asset base of $16 billion, looks to becoming a Tier 1 bank in the country in the next three years.
Giving the welcome address at the commissioning of the Court Building, Managing Director of Republic Bank Ghana, Farid Antar, remarked that the strategic location of the Court Building breeds confidence, goodwill and increased brand equity which are necessary fundamentals to grow to be a Tier 1 Bank.
A Tier 1 bank is a bank with a Tier 1 capital consisting of shareholders’ equity and retained earnings—disclosed on their financial statements—and is a primary indicator to measure a bank’s financial health.
These funds come into play when a bank must absorb losses without ceasing business operations. Tier 1 capital is the primary funding source of the bank. Typically, it holds nearly all of the bank’s accumulated funds.
These funds are generated specifically to support banks when losses are absorbed so that regular business functions do not have to be shut down.
Speaking further at the commissioning, Mr Antar noted that the Bank over the last three years has been retooling and innovating for superior banking convenience and experience for customers.
“We have given many of our banking halls major facelifts, we have also massively invested and improved our Technology and Electronic Payment Systems with the introduction of the RepublicMobile Ghana App and other digital suites to offer convenience to our customers and Ghanaians,” he stated.
Also speaking at the commissioning was Board Chairman of Republic Bank, Charles Zwennes, who posited that Republic Bank is making great strides towards making financial services convenient, reliable and accessible through innovation and digitization of banking processes.
“In today’s world, it is important to always come up with innovative ideas, products and services that would meet the needs of customers and at the same time providing the best of space and ambience to enhance their banking experience.
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“This building right here is our motivation and gateway to offering our customers not only the best of service through innovation but also the best of ambience,” he stated.
Commenting at the commissioning ceremony was the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, who noted that Republic Court Building is a testament to the bank’s expansion strategy in the country.
Adding that Republic Bank has distinguished itself as a bank that implements sound policies and provides competitive products and services to the benefit of customers.
Applauding the Bank for its cedi mortgage loans, the Governor commended Republic Bank for being instrumental in the development of the country’s mortgage Industry and a leading bank in the industry.
Touching on the bank’s performance for the last quarter of 2021, Dr Ernest Addison remarked that Republic Bank in the last quarter grew its customer deposits by some 15.6%, with total assets of the banking inching up by 17.7% and capital adequacy ratio hovering around 19.8% which is above the 11% regulatory requirement.
Along with the Commission of the Republic Court Building was the adoption and commissioning of the African Union (AU) Square by the Bank.
The Bank will ensure the greening and beautification of the AU Square.
