Chief Executive Officer of Databank, Kojo Addae-Mensah has commented on the current misconception in Ghana’s finance industry equating Databank to the status of a commercial banks. According to him, there is a huge difference between a commercial and an Investment Bank since their business models are different.
On August 1, 2018, the BoG consolidated five local banks; Beige Bank, Construction Bank, Royal Bank, UniBank and Sovereign bank into a new bank called Consolidated Bank Ghana Limited citing non- performance, liquidity and under capital challenges as some of the reasons. Following this, whereas customers of investment firms including DataBank are anxious to know whether they have met the minimum capital requirement of GHc400m, others are also equating investment banks to commercial banks and asking why such banks were not affected by the BoG’s recent audits.
Speaking on Happy FM, Mr. Addae-Mensah said Databank is an investment bank regulated by the Securities and Exchange Commission and not the Bank of Ghana (BoG) as widely speculated. He explained that Databank is a partner to commercial banks and not a competitor and therefore not required to meet a minimum capital of GHc400m as expected of commercial banks. He added “Databank is Ghana’s Biggest Independent Investment Bank and I am encouraging all Ghanaians to help in building an indigenous firm”.
Founded in April 1990, Databank’s mission is to empower its customers to achieve financial independence by promoting financial literacy and offering a diverse range of investment products. It is one of the few firms if not the first that invests in educating Ghanaians on the importance of investment through its investment roadshows in schools, churches and on several media platforms.
Apart from Brokerage and Asset Management services, Databank provides institutions and individuals with the latest research on the Ghana Stock Exchange, its listed companies, the Ghanaian economy, and other relevant economic and financial matters. In November 2015, the bank won 7 out of the 12 awards at the 5th annual Ghana Investment Awards consolidating its position as the market leader.