The Former Chief Executive Director and co-Founder of the erstwhile GHL Bank Limited, Mr Dominic Adu, has been appointed Managing Director of First National Bank Ghana Limited, effective July 1.

Mr Adu, a chartered accountant, is now the first Ghanaian MD of the local subsidiary of the South Africa lender.

He will replace Mr Richard Hudson, who has served in the position since the inception of the bank five years ago.

Elevation

A statement from the bank explained that Mr Hudson had been elevated to the position of Executive Director of First National Bank Ghana.

In that role, it said he would assume responsibility for some roles in the transitional phase while the two businesses, GHL Bank and FNB Ghana, fully integrated. FNB acquired GHL Bank in 2019.

Acceptance

The statement said Mr Adu was grateful for the honour.

“I have inherited two strong combined brands built by the outgoing CEO and the founders of GHL, supported by a committed team of leaders and staff who are passionate and devoted to delivering innovative financial solutions.

“I look forward to contributing towards establishing a solid financial institution and the overall growth of the banking industry in Ghana,” Mr Adu said.

Excitement

The statement said the board of directors was excited to welcome Mr Adu to lead the First National Bank Ghana team.

“He has a wealth of experience in domestic and international finance, private equity, entrepreneurship and leadership, which will add great value to our team,” the Chairman of the board of directors of First National Bank Ghana, Mr Joseph Tette, said.

He said Mr Adu’s appointment marked another milestone in the history of First National Bank Ghana to have a Ghanaian citizen as CEO.

He added that the bank was confident that his leadership capabilities, coupled with his astute financial and economic management expertise, would enable the bank to further expand its product offering to all Ghanaians.

It would also help the bank contribute significantly to the growth of the business, the board chairman said.

“His experience will help unlock further value in our banking services and expand our existing offering to help the average Ghanaian fulfil his/her financial aspirations,” he added.

Market leadership

The CEO of FNB Rest of Africa, Mr Johan Maree, said he was optimistic that as CEO, Mr Adu would lead First National Bank Ghana to market leadership.

“It is with much joy that I congratulate Mr Adu on his appointment as CEO.

“He is a respected leader within the industry and I look forward to him leveraging his wealth of experience and steering the business to greater profitability in these challenging times,” Mr Maree said.

He thanked the outgoing CEO, Mr Hudson, for his service, contribution and role in building the business over the years.

The outgoing CEO said he wished Mr Adu the best of success in the months and years ahead as he took the business to greater heights.

Mr Hudson assured him of his unconditional support in ensuring the success of the bank, particularly in the post-COVID-19 environment.

Profile

Mr Adu co-founded GHL Ltd, the country’s foremost mortgage finance institution in 2006.

In June 2017, he led the mortgage lender through a transition to become a fully fledged universal bank.

Mr Adu is a Chartered Accountant (ACA, England & Wales) with an MSc. Economics degree from the University of London.

He also holds a bachelor’s degree in Economics from the University of Manchester.

About First National Bank

First National Bank Ghana is a subsidiary of FirstRand Group of South Africa, one of the biggest financial institutions in Africa.

The group has full banking presence in South Africa, Namibia, Botswana, Eswatini, Lesotho, Nigeria, Mozambique, Zambia and Tanzania.