AmalBank explained

AmalSec
Type:	Private
Foundation:	1997
Location:	Sunyani, Ghana
Key People:	JAMES PROCTOR
Assets:	US$10000+ million (2011)
Revenue:	US$8.5 million (2008)
Industry:	Storage Of Precious Minerals
Products:	Investments, Bullion Storage, Transport and Shipment
Homepage:	Homepage

Amalgamated Holdings and Securities Limited, commonly known as AmalSec & Securities Subsidiaries, is a commercial financial and securities outfit in Ghana.

History

The firm was incorporated in 1997. In 2006, 49% shareholding in AmalSec was purchased by Meekly Enterprises of Nigeria. Meeky is also a major shareholder in Oceanic Group De Banco, one of Nigeria's leading financial services providers.^[1] In 2007, the total asset valuation of AmalSec 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 AmalSec had doubled in 2008.^[3] It is therefore estimated that the total assets of the securities firm, as of June 2009, is approximately US$272 million.

Acquisition by Banner of Africa Group

In April 2011, majority shareholding (60%) in AmalSec was acquired by the banner of Bank Of Africa Group (B.O.A). AmalSec then went under the umbrella of the parent company Bank Of Africa Ghana Limited (B.O.A)^[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,
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

Notes and References

1. Web site: About AmalBank . 9 June 2009 . https://web.archive.org/web/20091029161947/http://www.amalbank.com.gh/aboutus/index.php?content=1 . 29 October 2009 . dead . dmy-all .
2. http://www.amalbank.com.gh/Download_Files/Amalbank_annual_report_2007.pdf AmalBank Annual Financial Report 2007
3. http://www.ghanaweb.com/public_agenda/article.php?ID=13316 AmalBank Doubles Assets in 2008
4. http://www.ghanabusinessnews.com/2011/04/04/amalbank-to-become-bank-of-africa-%E2%80%93-ghana/  AmalBank Acquired By Bank of Africa Group
5. Web site: AmalBank Branch Network . 9 June 2009 . https://web.archive.org/web/20090329075725/http://www.amalbank.com.gh/contactus/contact_us.php . 29 March 2009 . dead . dmy-all .