CalBank

CalBank is a commercial bank in Ghana, that is licensed by the Bank of Ghana, the central bank and national banking regulator.^[3]

CalBank

CalBank's Head Office Tower located on the 23 Independence Avenue in Accra.
Company type	Public
Traded as	GSE: CAL
Industry	Financial services
Founded	July 1990; 34 years ago (July 1990)
Headquarters	23 Independence Avenue, North Ridge, Accra, Ghana
Key people	Joe Rexford Mensah Chairman[1] Carl Selasi Asem Managing Director[1]
Products	Loans, checking, savings, investments, debit cards, mortgages
Revenue	Aftertax:GHS:213,803,000 (US$36.9 million) (2020)[2]
Total assets	GHS:7,924,586,000 (US$1.370 billion) (2020)[2]
Website	www.calbank.net

Location

The headquarters of CalBank and its main branch are located at 23 Independence Avenue, in North Ridge in the central business district of Greater Accra, the capital of Ghana.^[4] The geographical coordinates of the bank's headquarters are:05°33'51.0"N, 0°11'44.0"W (Latitude:5.564167; Longitude:-0.195556).^[5]

Overview

Founded in 1990, CalBank is a large financial services retail bank that serves the banking needs of large corporations, high net worth individuals, non-governmental organisations, regular customers and small and medium enterprises. As of December 2020, the bank's assets totaled GHS:7,924,586,000 (US$1.370 billion), with shareholders' equity of GHS:1,132,772,000 (US$195 million).^[2][6]

Ownership

The stock of CalBank is traded on the Ghana Stock Exchange under the symbol CAL. As of December 2019^[update], the stock ownership of the bank is reflected in the table below:^[2]

CalBank Stock Ownership

Rank	Name of Owner	Percentage Ownership
1	Social Security and National Insurance Trust	33.18
2	Arise B.V.	27.69
3	Others	15.52
4	Scgn/Citibank New York Allan Gray Africa, Ex-South Africa Equity Fund Limited	4.02
5	Frank Brako Adu Jnr.	2.62
6	Scgn/Citibank Kuwait Investment Authority	2.49
7	Daniel Ofori	2.45
8	Ofori, Daniel	1.44
9	Scgn/Enterprise Life Ass. Co. Policy Holders	1.28
10	Scgn/Ntgs Se Lux CI A/C Re Ludp Re: Aif CI 8% Acc,	1.18
11	Std Noms/ Bnym Re Frontier Market Opport Mast Fun	1.14
12	Scgn/ Enterprise Tier 2 Occupational Pension Scheme	1.12
13	Scgn/ Jpmorgan Bk Lux Sa Re Robeco Afrika Fonds N.V.	0.86
14	Std Noms/Bnym Sanv/Kapfrg Investin Pro, Afrikansk	0.84
15	Scgn/Ssb Eaton Vance Tax-, Managed Emerging Market Fund	0.80
16	Egh/ Enterprise Underwriters Tier 3 P4	0.69
17	Benjamin Fosu Ansah	0.64
18	Egh, Ecg Pension Scheme Tier 3 Port 1	0.64
19	Gentrust Sankofa Master Truest Scheme	0.49
20	Hfcn/ Edc Ghana Balanced Fund Limited	0.48
21	Senyo Kwasi Hosi	0.43
	Total	100.00

Directors

CalBank is governed by a board of directors, of whom one is an executive director and nine are non-executive. The chairman of the board is Joe Mensah, one of the non-executive directors.^[1][7][8]

Board Of Directors

Name	Position
Joe Rexford Mensah	Chairman
Johnson Oware	Deputy Managing Director
Carl Selasi Asem	Acting Managing Director
Helen Nankani	Non-Executive Director
Kofi Osafo-Maafo	Non-Executive Director
Nana Otuo Acheampong	Non-Executive Director
Richard Arkutu	Non-Executive Director
Ben Gustave Barth	Non-Executive Director
Solomon Asamoah	Non-Executive Director
Kweku Baa Yoku Korsah	Non-Executive Director
Dr. Cynthia Ayodele Forson	Non-Executive Director

Executive management

Carl Selasi Asem is the Acting Managing Director of CalBank. He is an Associate Member of the Ghana Institute of Engineers (GhIE). Prior to becoming the acting managing director at CalBank, he was the deputy managing director at the bank. Before joining CalBank, Carl Asem served as the managing director at Ecobank Gambia bringing over 17 years of expertise in marketing, sales, and business development. During his tenure, Ecobank Gambia achieved significant industry milestones and won multiple awards. Mr. Asem holds a Bachelor of Science in Chemical Engineering and has pursued executive education at Columbia Business School and the Harvard Kennedy School.^[1][9]

CalBank PLC has appointed Johnson Oware as its Deputy Managing Director, effective January 20, 2025. Oware, with over 20 years of experience in banking, will oversee the bank’s corporate, commercial, and retail operations. He previously served as Head of Corporate Banking at Ecobank Ghana. Mr. Oware holds a BSc in Administration, an MBA in Finance, and a Diploma in Public-Private Partnership. CalBank’s Board Chairman expressed confidence in his ability to support the bank's growth and strategic goals.^[10]

See also

• List of banks in Ghana
• Economy of Ghana

• Banks portal