Energy Bank, the Nigerian group Energy Group’s subsidiary in Ghana, is announced in an Initial Public Offering (IPO) thanks to which it will raise GHC 340 million (about $68 million).

If successful, the operation will be the second most important IPO in the Ghanaian financial market in terms of funds raised after the record issuance made by the local subsidiary of  South African group MTN.  

The funds raised should help the bank comply with the increased capital requirement, set by Central Bank of Ghana, whose strict deadline is late December 2018. If many large banks, multinational banks’ subsidiaries, and systematically important financial institutions notably, are already in line with such requirement, many smaller institutions face serious compliance challenges.

Idriss Linge