Kumasi, July 4, GNA- The management of Standard Trust Bank Ghana Limited has paid a courtesy call on Otumfuo Osei Tutu II, the Asantehene, at the Manhyia Palace in Kumasi, to inform him about the establishment of the new bank.

Mr Obeahon Ohiwerei, the Chief Executive Officer of the bank, who led the six-member management team to the Palace, said the bank would soon open a branch in the city to facilitate economic activities. He said there was the need to encourage Ghanaians to save with financial institutions and that a customer could open savings account with 50,000 cedis and a current account with 100,000 cedis with the Standard Trust Bank.

Mr Ohiwerei also said: "Our mission in Ghana is to democratise the banking institution by making available products that can attract the poor and the rich".

Otumfuo Osei Tutu said he was aware that the new bank had plans to introduce innovations in the banking service, adding "I am confident that the Managing Director, who has been in this trade for years in Nigeria, can perform creditably in Ghana as well".

The Asantehene said the government had opened up the private sector, a situation that the new bank could take advantage of to establish more branches in the country.

Otumfuo Osei Tutu challenged the management of the bank to replicate the successes it had achieved in Nigeria in Ghana. He said the banking culture in Ghana was not encouraging as some people still thought that it was only the rich who could transact business with banks.

''It is, therefore, important that the new bank encourages Ghanaians, especially, the market women, fitters and barbers and others to stop putting money under their beds and in boxes and use banking facilities to avoid the risk of being burgled, cheated or defrauded.'' Mr Ohiwerei presented a cheque for 20 million cedis for the Otumfuo Education Fund. 4 July 05