AmalBank

Amalgamated Bank Limited, commonly known as AmalBank, is a commercial bank in Ghana.

AmalBank
Private
IndustryFinancial Services
Founded1997
HeadquartersAccra, Ghana
Key people
M.K Bhatnagar
CEO
Menson Torkornoo
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueUS$8.5 million (2008)
Total assetsUS$10000+ million (2011)
WebsiteHomepage

History

The bank was incorporated in 1997. In 2006, 49% shareholding in AmalBank was purchased by Meeky Enterprises of Nigeria. Meeky is also a major shareholder in Oceanic Bank, one of Nigeria's leading financial services providers.[1] In 2007, the total asset valuation of AmalBank was estimated at US$136 million.[2] In June 2009, it was reported in the online Ghanaian publication "Public Agenda" that the total assets of AmalBank had doubled in 2008.[3] It is therefore estimated that the total assets of the bank, as of June 2009, is approximately US$272 million.

Acquisition by Bank of Africa Group

In April 2011, majority shareholding (60%) in AmalBank was acquired by the Bank of Africa Group. AmalBank then re-branded to Bank of Africa Ghana Limited[4]

Branch Network

As of May 2011, the bank has nineteen (19) branches and one agency in the following locations: [5]

  1. Head Office - Farrar Avenue, +233548753152 {for Loans}
  2. Kumasi Office - 24 February Road, Kumasi
  3. Maamobi Office - Nima Highway, Accra
  4. New Town Office - Hill Street Intersection, New Town
  5. Central Accra Office - Ollivant Arcade, Accra
  6. Ridge Office - Kanda Highway Extension, Accra
  7. Michel Camp Road Office - Aseidua Plaza, Tema
  8. Tamale Office - Daboya Street, Tamale
  9. Osu Office - Cantonments Road, Osu
  10. Takoradi Office - Market Circle, Takoradi
  11. Kwashieman Office - Motorway Extension, Accra
  12. East Legon Office - Lagos Avenue, Accra
  13. Spintex Business office
  14. Adum Business office
  15. Tema Business Office
  16. Dansoman Business Office
  17. Madina Business Office
  18. Abossey Okai Business Office
  19. Sokoban Agency, Kumasi

See also
  • List of banks in Ghana
  • Bank of Africa (Ghana)
  • Bank of Africa (Uganda)
  • Economy of Ghana

References
  1. "About AmalBank". Archived from the original on 29 October 2009. Retrieved 9 June 2009.
  2. AmalBank Annual Financial Report 2007
  3. AmalBank Doubles Assets in 2008
  4. AmalBank Acquired By Bank of Africa Group Archived 5 April 2012 at the Wayback Machine
  5. "AmalBank Branch Network". Archived from the original on 29 March 2009. Retrieved 9 June 2009.
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