adminSpeaking at a cocktail party for the bank’s clients in Bulawayo on Friday night, he said the bank would meet the 31 December deadline to increase the minimum capital level to $25 million.
He said the new capital requirements were a challenge for the banking sector but added the bank would continue with its operations in the country.
The central bank in August introduced a phased increase in bank capital levels from the present $12,5million
Banks will be required to have a minimum capital level of $75 million by 31 December 2013 and $100 million by 30 June 2014. Banks were given up to last September to submit plans of how they will raise the additional capital.
Mr Sackey said the bank had come up with a plan which would see shareholders injecting an additional $15 million to meet the new statutory capital requirements and underwrite more business.
“This exercise is expected to be completed before the 31 December interim deadline,” he said.
Mr Sackey said since the take over of Premier Bank two years ago, Ecobank had managed to establish itself as a brand in both Bulawayo and Harare.
He said the bank now had eight branches in the country, two of them in Bulawayo.
Mr Sackey said the bank had also introduced a variety of products, including Rapid Transfer which allowed customers to receive and send money across 33 Ecobank affiliates in Africa and the Diaspora account targeted at Africans working outside their home country.
Meanwhile, Ecobank donated $500 to Island Hospice as part of its social corporate responsibility during the cocktail.
Online Reporter