Capital Bank (previously First Capital Plus Bank) was an indigenous private national development and commercial Ghanaian bank. It was one of the private national development and commercial banks licensed by the Bank of Ghana, the national banking regulator. On August 14, 2017, the Bank of Ghana announced it had revoked the bank's license due to insolvency during Ghana's banking crisis, and the bank was subsequently taken over by GCB Bank.
History
Capital Bank was founded by William Ato Essien on October 29, 2009, as a microfinance company. As its assets grew, it became a savings and loans company known as First Capital Plus Savings and Loans Company. In 2010, the microfinance company grew its deposit base to 36.06 million Ghana cedis and total asset size to 47.18 million cedis. By 2013, First Capital Plus Bank had a deposit base of 211.11 million cedis and total assets of 286.80 million cedis. The Bank of Ghana stated that the firm held a market share of 16% of the advances of savings and loans companies and 19% of the sector's total assets. The bank employed 355 staff and had 15 branches covering five regions.
The company applied for and was awarded a provisional universal banking license in July 2012. After a six-month provisional period, it received a full license on December 4, 2013, and became officially known as First Capital Plus Bank. The firm later rebranded to Capital Bank in 2015.
On August 14, 2017, the Bank of Ghana issued a press release revoking the license of Capital Bank (alongside UT Bank) due to insolvency. The statement noted that change of control of Capital Bank had been approved for Ghana Commercial Bank (GCB Bank). The founder, William Ato Essien, and three others were subsequently charged with misappropriating 100 million Ghana cedis of the bank's assets.
Services
The bank offered mainstream banking services including cash deposits and withdrawals, savings and loans, and financial advice consultation. In 2011, it introduced a cash deposit service known as SpeedBanking, which allowed customers to deposit cash into their bank accounts via mobile phones without physically visiting a branch.
Board of Directors
- Mensa Otabil – Chairman
- Rev. Fitzgerald Odonkor – Chief Executive Officer
- William Ato Essien – Founder
- Kofi Kwakwa – Director
- Frances Adu-Mante – Director
- Alhaji Amadu Montia – Director
Branches
Capital Bank had its headquarters at Capital Plaza on Spintex Road, adjacent to Papaye Fast Food, in Accra. As of December 2015, the bank had eighteen operational branches across regions in Ghana.
Sponsorship
On February 4, 2014, Capital Bank became the headline sponsor of the Ghana Premier League under a five-year deal worth ten million dollars between the bank and the Ghana Football Association. The first payment of five hundred thousand dollars was made on February 5, 2014.
Awards
- September 2013 – Non-bank financial institution of the year 2012, awarded by the Chartered Institute of Marketing Ghana.
- October 2013 – 10th best performing company for 2012 and best in the Non-Bank Financial Institutions sector at the Ghana Club 100 Awards, organized by the Ghana Investment Promotion Center.
- August 2016 – Best Growing Bank, Best Bank in Household/Retail Banking, and Best Bank in Savings and Deposits.
