Apam, June 27, GNA - Mr Emmanuel Kwapong, the Managing Director of the ARB Apex Bank, on Saturday said the selection of persons to serve as directors of rural banks should be devoid of favouritism and nepotism. ''It is only through experience, skill, knowledge and competencies that the banks can their overall corporate objectives.''

Mr Kwapong, who said this in an address read for him at the 24th Annual General Meeting of the Gomoa Rural Bank, said the bank made a net profit of 105 million cedis last year and was expected to pay a dividend of 50 cedis on a share. He urged the bank to strengthen their internal control mechanisms to minimize fraud and risk with a view to ensuring efficiency.

Mr Andrew Simpson, the Chairman of the Board, said the bank has set aside 50 million cedis towards the construction of the bank's own premises.