PRESS RELEASE

OWNERSHIP STRUCTURE AND GOVERNANCE OF RURAL AND COMMUNITY BANKS (RCBs)

The Management of the ARB Apex Bank Limited wishes to inform the general public that per the Bank of Ghana Notice No. BG/GOV/SEC/2008/20, the ownership structure and governance of the Rural and Community Banks (RCBs) are as follows; 

The Management of the ARB Apex Bank Limited wishes to inform the general public that per the Bank of Ghana Notice No. BG/GOV/SEC/2008/20, the ownership structure and governance of the Rural and Community Banks (RCBs) are as follows;

· Corporate ownership of RCBs is restricted to fifty percent (50%) of total shares of an RCB.

· Financial institutions are allowed to hold shares in RCBs if explicitly approved by the Bank of Ghana.

· Individual ownership is restricted to thirty percent (30%) of total shares of an RCB.

· Family ownership (related individuals) is cumulatively restricted to forty percent (40%) of total shares of an RCB.

· Shares of RCBs are always available for purchase by the public.

· Decision making by shareholders shall be in accordance with Section 50(1) of the Companies Act, 1963 (Act 179), which enjoins shareholders to take decision through polling (ie. voting should represent the quantum of shares held).

The general public is to take note of the above and purchase shares in RCBs of their choice.

ISSUED BY

MANAGEMENT OF THE ARB APEX BANK LIMITED

DATED THIS 15TH DAY OF JANUARY, 2018