VEEP Re-launches Amal Bank Of Africa

The Vice President, Mr John Dramani Mahama, has appealed to banking institutions to extend their operations into rural areas as a way of complementing the government's efforts in rural development. He said their concentration in the towns and cities is not helpful to the partnership that is expected between government and corporate bodies in infrastructure development. Mr Mahama made this appeal during the re-launch of Amalgamated Bank of Africa in Accra. The launch marked the completion of the transfer and change of the name of the bank when Bank of Africa acquired majority interest on February 2 this year. Mr Mahama said banks’ movement into rural areas will not only create awareness for them to adopt banking procedures and cultivate the culture of saving but will also create employment and curb the perennial rural-urban drift of the youth in search of jobs. He called for cooperation between the government and the banks to support the development and growth of roads, railways and other facilities throughout the country. Mr Mahama appealed to the bank not to change its support for contractors with the change of name and management and suggested to the bank to initiate banking products and services that will distinguish it from its competitors. Mr Kobby Andah, Managing Director of the Bank, said the bank has 15 commercial banks in the country, three leasing companies, two life assurance companies, two investment companies and one each of brokerage firm, mortgage bank and Information Technology subsidiary. He gave the assurance that the bank will continue to support contractors as their predecessor did to enhance accelerated development in Ghana and beyond.