Having recently acquired Ghana Home Loans Bank (GHL Bank), First National Bank Ghana, FNB receives a long-term loan of $30 million from Deutsche Investitions – und Entwicklungsgesellschaft mbH, DEG.
The fund was provided to help the bank to grow its newly acquired asset portfolio. Meanwhile, more funds are being supplied by other European development finance institutions, such as; Finnfund (Finland), Proparco (France) and Norfund (Norway), making a total of $85 million syndicated by DEG, which has now been disbursed.
Speaking about the investment, Head of division Financial Institutions and German Business at DEG, Petra Kotte, said; “With our commitment in Ghana, we are strengthening the real estate sector for private households. We also support SMEs, which are important employers and the driving force behind the private sector, especially in the current situation. This sends out a clear signal of our confidence in Ghana’s economic development.”
FNB offers a wide range of banking services to retail and commercial clients, with the acquisition of GHL Bank, Ghana’s leading provider of private real estate finance, FNB aims to provide financial support to help minimize the impact of the pandemic in Ghana.
“The world at large is still dealing with the impact of the pandemic. We cannot downplay the importance of scaling up financial support that will help minimize the impact of the pandemic, particularly on SMEs. That is why we will capitalize on funding from institutions like DEG to engineer the expansion of real estate developments and ensure the sustainability of the private sector in Ghana,” Dominic Adu, CEO of First National Bank Ghana says.
In 2015, First National Bank Ghana was formed to provide innovative banking solutions and services to corporate institutions and individuals across all sectors of the economy leveraging on technology. With five years of operation, the bank has grown into a strong digital bank with 500 employees and an extended presence across Greater Accra, Ashanti and Western Regions.
First National Bank Ghana is a member of FirstRand Group, South Africa’s leading retail and commercial banks. Since 2002, DEG and FirstRand Limited has been in partnership, and in 2019, it provided FirstRand with a long-term loan of USD 50 million, its largest financing project in Africa to date