Banks should prepare for bigger Businesses- Albert Essien

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BankFormer Chief Executive Officer of Ecobank Transnational Incorporated (ETI) has challenged Ghanaian Banks in the country to prepare themselves for bigger businesses across the nation.

The banking Lifetime Achievement Award Winner, Albert Essien says the financial industry needs banks that are capable of supporting government projects and investments.

“We need well capitalized banks in Ghana that can contribute to the economic development of this country” he noted.

According to Essien, banks need to do their own stress testing and capitalise themselves to be able to withstand shocks and prepare for bigger businesses.

He spoke to JOYBUSINESS in an interview after receiving the Lifetime Achievement Award in Banking at the just ended 15th edition of the Ghana Banking Awards in Accra.

He won this award based on his outstanding performance and contribution to the Ghanaian Banking industry.
Before his retirement, Mr Essien was the CEO of ETI where he helped the bank raises its total capital to nearly US$1 billion.

Shareholder confidence and financial results of Ecobank improved during his tenure of office as CEO.
Other winners of the Award includes Frank Adu Jnr as the longest serving Managing Director of a domestically controlled bank, Cal Bank.

Frank Adu has been the MD of the bank since 2000. Prior to his appointment, he was serving as Deputy MD responsible for operational and income generating activities of the bank.
Prince Kofi Amoabeng, Former CEO of UT Bank also received the Lifetime Achievement Award as the most seasoned Entrepreneur and Banker in Ghana.

Under the leadership of Prince Kofi Amoabeng, UT acquired subsidiaries, becoming UT holdings and listed on the Ghana Stock Exchange in 2008, UT holdings acquired BPI Bank and in 2009 UT Bank began operations.
Former CEO of Unibank Ghana, Joe Budu Tetteh as well as Former Commissioner of the Securities and Exchange Commission, Philip Kwasi Buabeng was also honoured for their contributions towards the growth of the banking industry in Ghana.

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The SME Network is a non-profit initiative of The African Network of Entrepreneurs (TANOE) in partnership with City Investment Company Limited aimed at building a vibrant community of SMEs in Ghana and providing them with the requisite business support, advisory services, adequate financing and coaching.

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