CEO Today Africa Awards

www.ceotodaymagazine.com 16 CEO Today Africa Awards 2017 GHANA FRANK ADU JR. Managing Director of CAL Bank Limited Mr. Frank Adu Jnr. is the Managing Director of CAL Bank Limited with approximately 27years’ experience in the banking sector. Frank is the Chairman of the Board of The Roman Ridge School, a very successful international school he co-founded and serves on the Advisory Board of the College of Humanities of the University of Ghana. He is a member of the Boards of the Foundation for Orthopaedics and Complex Spine, Metropolitan Life Ghana Limited and Quality Insurance Company Limited. He also serves on the Board of Legacy Bond Limited, a special purpose vehicle set up for the repayment of debt owed by Government to the Bulk Distribution Companies (BDCs). He co-founded City Investments Company Limited, a highly successful Non-Bank Financial Institution which is now Premium Bank. He has also served on several other Boards including the National Health Insurance Council where he was its first Chairman; he was Chairman of the Ghana Stock Exchange (GSE) and a member of Ghana’s First Bond Committee and the Advisory Committees which set up the EDIF Fund. Under the leadership of Frank, the Bank transformed from CAL Merchant Bank Limited to a universal bank within 4years of assumption of office after which he listed the Bank on the Ghana Stock Exchange. Today, CAL Bank is one of the six (6) banks listed on the bourse after an oversubscription of 452% in 2004. The Bank continues to improve its financial performance year on year. The Bank has three (3) subsidiaries. These subsidiaries continue to remain an important part of the group’s operations contributing about 5% of the total assets of the group. The brokerage arm which was set up in 1994 is currently one of the top brokerage companies on the GSE and has the most sophisticated trading platform. The Asset Management Company at the end of the year had significant funds under management and growing. As part of measures to improve the Bank’s performance, diversify the income of the Bank and take advantage of new opportunities, under Frank, the Bank commenced the provision of custody services, a service required under the new pensions act and CAL Bank Trustee Co. Limited which he developed and made a service of choice earning appreciable income for the Bank. Mr. Adu is still working on how to rapidly grow and increase the size of the Bank to achieve his dream of making CAL one of the top three (3) banks in Ghana. Having originally been Treasurer of the Bank for approximately 6 years, Frank is credited with setting up the foundation and nurturing the significant strategic relationships CAL Bank has developed with the international finance community. These relationships range from funded and non-funded trade lines with several internationally rated banks running into several hundred million dollars as well as meaningful and profitable relationships and collaborations with almost all DFIs across Europe and the USA. Product origination and development is key at CAL Bank. Mr. Adu recognizes the need for realigning the Bank’s strategies in order to stay competitive at all times. It is a deliberate policy and strategy of the Bank to limit the number of branches, but develop a strong electronic banking platform to enable it reach all customers across the country. In line with this, the Bank has begun an aggressive digital transformation program aimed at moving the Bank from “bricks” to “clicks”. In addition to this, under Frank, the Bank has commenced a collaboration with the IFC (of the World Bank Group) to introduce Agency Banking across the country using handheld electronic banking devices. Beyond achieving significant bank penetration and financial inclusion, we expect to also create initially approximately 3,000 jobs. A forward looking executive, his desire is to be futuristic and to move forward together with the Bank’s clientele. ABOUT FRANK ADU JR. www.calbank.net