South Africa’s biggest finance group First Rand is likely to start operations in Ghana by March, Joy Business has gathered from persons close to the financial institution.
First Rand has already secured their office premises for their operations. The bank has already secured its provisional license from the Bank of Ghana and it is set to be issued with its final license very soon to aid their operations.
Joy Business is informed the Bank has already gotten some crack personnel in place who are expected to kick start the banks operations possibly by next month.
The huge office complex that Joy Business has already seen, is located around the ridge area in Accra.
Some people are wondering if First Rand would be able to penetrate the market and make some good returns looking at the number of banks operating in the country. But some banking analysts say there is still space for First Rand, looking at the returns new entrants like Royal Bank are already making in the country.
First Rand is currently financing a lot of infrastructure and power projects, office structures by real estate companies, so even if they should concentrate on these areas, then they could be making some good returns when they start operations, analysts argued.
According to the Chief Executive of First Rand, Sizwe Nxasana, the bank will be doing everything including retail banking , corporate banking , mortgage when it start operations in Ghana.
First Rand is setting aside some billions of dollars for their entry into Ghana and other West African countries. The bank in 2013 failed in their attempt to acquire Merchant Bank.
But officials at First Rand have told Joy Business the plan now is to come in and grow the firm from the scratch.
source : myjoyonline.com