Information gathered by the New Crusading Guide indicates that CAL BANK, one of Ghana’s leading banks is at the finishing stages of selling a significant minority shares to NORFUND, the Norwegian Investment Fund company.
According to Industry Watchers the sale will increase the Bank’s financials by about three folds and enable them flex their financial muscles to venture into other businesses within the rapidly growing banking industry.
NORFUND, a Norwegian Investment Fund company which has shown uttermost desire to invest in the banking industry in the country was interested in buying shares in ADB last year until resistance from staff led to the bank upholding its Initial Public Offering.
According to sources within the bank, the selling of the shares is likely to increase the financials of the bank by three folds and will place them at a highly competitive advantage in the industry.
CAL Bank currently has 25 branches nationwide and the desire for opening more branches has been on the burner for quite some years now and it is hopeful that offsetting this shares will enable them embark on the branch network expansion from 25 to about 45 within the shortest possible period.
The bank over the years has posted positive financial results and won several awards under its Managing Director, Mr. Frank Adu, a respected banker in the industry.
ABOUT NORFUND
Norfund – the Norwegian Investment Fund for Developing Countries – was established by the Norwegian Parliament in 1997. The organisation is the government’s main instrument for combatting poverty through private sector development and Norfund’s objective is to contribute to sustainable commercial businesses in developing countries.
Funding is provided via capital allocations from Norfund’s development assistance budget. Many countries support development through similar investment funds and Norfund and its international sister organisations are known as Development Finance Institutions (DFIs). Norfund provides equity, other risk capital, and loans to companies in selected countries and sectors where businesses lack access to sufficient capital to develop and grow.
The sectors in which Norfund invests are clean energy, financial institutions and agribusiness, in addition to small and medium sized companies through investment funds. Our main investment regions are Southern and Eastern Africa, and we have offices in Nairobi, Johannesburg and Maputo.
Norfund also invests in selected countries in South-East Asia and Central America via our regional offices in Bangkok and San José. Norfund always invests jointly with partners, both Norwegian and non-Norwegian. By co-investing with others, we leverage additional capital and can ensure the industrial and local knowledge needed for each investment. Norfund is set up to serve as an instrument for Public Private Partnerships.
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