Managing Director and Chief Executive Officer of First Atlantic Bank, Odun Odunfa, says the bank’s decision to go public is closely tied to its ambition to expand operations beyond Ghana into other African markets, leveraging new capital, stronger governance and increased brand visibility.
Speaking in an interview with Joy News at a celebratory lunch event held at the Labadi Beach Hotel on Friday, December 20, Mr Odunfa said the bank is positioning itself for long-term regional growth, with the Initial Public Offering (IPO) and listing on the Ghana Stock Exchange (GSE) serving as a key platform for that expansion.
“In addition to capital, and using that as a platform for our expansion plans, we’re ambitious,” he said.
According to him, First Atlantic Bank is already investing heavily in digitisation, regional market readiness and human capital as part of its broader African growth strategy.
“We are investing heavily in digitization. We’re investing in our original expansion plans across Africa, West Africa, and Africa. We’re also investing a lot in the human capital, fellow Ghanaians, developing capacity, skills, and so on of our people,” Mr. Odunfa stated.
He explained that beyond raising funds, the IPO was designed to broaden the bank’s investor base and deepen governance—key requirements for operating competitively across multiple jurisdictions.
“First of all, we have to broaden the investor base, and we have to deepen governance,” he said.
Mr. Odunfa noted that the public listing also enhances the bank’s visibility and credibility, factors he described as critical to winning trust in new markets.
“The brand gets more visibility. The brand gets more exposure. Hopefully that exposure and that visibility will help us to do more,” he said.
He added that increased Ghanaian ownership would further strengthen the bank’s foundation as it looks outward.
“With coming on board of Ghanaian investors, both institutional and individual, we’ll have more belief. We’ll have more support. We’ll have more business. So on many levels, this is a Ghanaian institution, and we want to be clear that that is what it is,” he said.
The CEO said the strong investor response to the IPO reflects confidence not only in First Atlantic Bank’s business model but also in Ghana’s improving economic conditions, which he described as favourable for expansion planning.
“It says a lot about the confidence in the system right now, in our business,” he said.
He pointed to trends in the performance of the cedi, declining inflation and regulatory initiatives by the Bank of Ghana as signals of macroeconomic stability.
“You’ve seen how the cedi has trended. You’ve seen how inflation has trended. You’ve heard how our regulator has positioned itself… I think it’s a good time for Ghana,” Mr. Odunfa noted.
He stressed that while shareholders would expect returns, the bank would not compromise sound risk management or governance in pursuit of growth.
“The only thing we can promise investors is that we’re going to run a decent business, a proper business… We will aspire to meet market expectations, but we will not cut corners to do so. We’re going to build to last,” he said.
Reflecting on the bank’s earlier restructuring, including its merger with Energy Bank to meet the Bank of Ghana’s minimum capital requirement, Mr. Odunfa said the experience reinforced the importance of discipline in growth.
“Growth does not come easy. If you’re going to do a good thing, you have to go through a process… If you do things properly, you will do well, and people would recognize it in the long run,” he said.
Founded in 1994 and licensed as a universal bank in 2011, First Atlantic Bank has grown steadily through organic expansion and consolidation. Its IPO and subsequent listing on the Ghana Stock Exchange on Friday, December 19, marked a new phase in its evolution, positioning the bank to pursue regional opportunities.
Mr. Odunfa said listing locally was both strategic and symbolic.
“We’re Ghanaians, we’re in Ghana. Where else would we list?… If Ghanaians don’t believe in the Ghanaian Stock Exchange, nobody else will,” he said.
As the bank charts its next phase, Mr. Odunfa said the focus remains on building a resilient institution capable of competing across African markets while maintaining strong Ghanaian roots.