The Group Chief Executive Officer of Enterprise Group Ltd has disclosed that the enterprise group would be looking for opportunities to take a stake as shareholders of a commercial bank in Ghana.
Speaking to JOY BUSINESS after the company’s Annual General Meeting in Accra, Keli Gadzekpo stated that due to the nature of their business that is insurance, pensions, trusteeship, properties etc., banking will naturally seem like the right fit for them.
“It seems like such a natural foray because our whole thing is to emerge as a full financial services firm and so it will appear as if the commercial bank is one of the missing pieces.”
Mr Gadzekpo, however, added that their approach to entering the banking landscape will be different.
“We do not intend to go in heavy. We are not going to run a bank but we will look out for opportunities that will put us in a position to be a significant shareholder,” he said.
Stock Market and MTN IPO
On the effects of MTN’s IPO on the exchange, the Group CEO rehashed the point that it would deepen competition on the market due to the size of the offer. These views shared by many players and analysts of the stock market.
He added that there is a good amount of capital in the system to meet this offer.
“It is in the IPO, the first time you are entering that you could suggest that it is competing for funds. In this instance, it is quite a big size so I would say yes there would be some level of competition but there is also a lot of capital floating around especially with your life insurance companies and pension companies.”