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First Atlantic Bank Poised for GSE Listing, Aiming for 15 June 2024

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  Published in Stocks and Investing on Monday, December 15th 2025 at 14:23 GMT by Ghanaweb.com

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First Atlantic Bank PLC gears up for official Ghana Stock Exchange debut

By GhanaWeb Staff – 26 May 2024

First Atlantic Bank Plc (FAB), one of Ghana’s oldest independent banks, has announced that it is poised to go public on the Ghana Stock Exchange (GSE) later this year. The move, which has been awaited by investors and industry watchers alike, is expected to boost the bank’s capital base, improve its visibility in the financial markets and provide an exit route for its founding shareholders. Below is a concise yet comprehensive overview of the key points and implications of FAB’s planned listing.

1. Background: From a niche lender to a mainstream player

Founded in 1989, First Atlantic Bank originally operated as a micro‑finance institution aimed at underserved segments of the Ghanaian economy. Over the past decade, the bank expanded its product portfolio to include retail, corporate and digital banking services, and now boasts a network of over 60 branches across the country. According to the bank’s annual report for the year ended 30 April 2024, its total assets stood at GHS 10.2 billion, up 15 % from the previous year, while net income rose to GHS 380 million – a 23 % increase.

The decision to list was not made lightly. “We are at a stage where we need a larger and more diversified capital base to fund our planned expansion into new markets and to support the launch of advanced digital banking solutions,” explained FAB’s Group Managing Director, Mr. Joseph Mensah, during a press conference held at the bank’s corporate headquarters. “The GSE provides an ideal platform to raise equity capital and to enhance corporate governance.”

2. The listing process: Timeline and regulatory approvals

The bank’s prospectus, filed with the Securities and Exchange Commission (SEC) on 12 March 2024, was reviewed and approved on 5 April 2024. The prospectus disclosed that FAB will offer 20 % of its equity – 200 million shares – at a price range of GHS 5.00 to GHS 6.00 per share, subject to final pricing by the GSE. The company estimates that the net proceeds will be approximately GHS 900 million, after deducting underwriting fees, legal and regulatory charges, and other expenses.

According to the GSE’s Listing Committee Minutes (link to GSE website), the bank’s application met all statutory requirements. The Committee highlighted the firm’s strong financial position, robust risk management framework, and its commitment to maintaining high standards of corporate governance. “First Atlantic Bank’s listing is a win for the market,” said Dr. Kwame Ankomah, the GSE’s Director of Corporate Affairs. “It will add a well‑established institution to our market and provide shareholders with a solid investment option.”

The bank is targeting an official listing date of 15 June 2024, contingent on market conditions. “We are confident that the market will respond positively, especially given the favorable macroeconomic backdrop and the ongoing reforms in the Ghanaian banking sector,” Mr. Mensah added.

3. Share pricing and investor appeal

The initial pricing of GHS 5.50 per share (mid‑point of the proposed range) would value FAB at a market capitalization of approximately GHS 1.1 billion. A price‑to‑earnings ratio of roughly 7.5x is projected, based on the bank’s current earnings, making it an attractive buy for value‑oriented investors.

Financial analysts have weighed in on the offering. “First Atlantic Bank’s earnings growth trajectory, combined with its strategic focus on digital banking, positions it as a compelling addition to the GSE’s index,” commented Ms. Aisha Owusu, senior analyst at Ghana Capital Markets. “We anticipate that the share will trade at a premium in the first few weeks following the listing, driven by demand from both retail and institutional investors.”

The bank’s prospectus also indicates that it intends to use a portion of the proceeds to enhance its digital infrastructure. “We plan to invest in an end‑to‑end banking platform that will allow customers to open accounts, apply for loans and manage assets seamlessly through mobile devices,” explained Mr. Mensah.

4. Significance for the broader Ghanaian economy

The listing of First Atlantic Bank is part of a broader trend of African banks seeking capital on domestic stock exchanges. According to a recent study by the World Bank, listing activities across Sub‑Saharan Africa rose by 12 % in 2023, driven largely by banks and fintech firms. “Public listing not only diversifies a bank’s funding sources but also forces tighter governance and transparency,” said Dr. Yaa Asantewaa, an economist at the Ghana Institute of Management and Public Administration.

The GSE has welcomed FAB’s entry as a sign of the market’s maturation. “A well‑managed and profitable bank entering the market brings liquidity and competition, which in turn benefits the entire financial ecosystem,” said Mr. Ankomah.

5. Key takeaways for investors

6. How to keep track

Investors can monitor the listing’s progress through several official channels:

1. Ghana Stock Exchange – Updates on listing dates, pricing, and regulatory approvals can be found on the GSE’s website ([ www.gse.com.gh ]).
2. First Atlantic Bank Plc – The bank’s corporate site and investor relations portal ([ www.firstatlanticbank.com ]) publish regular updates and financial statements.
3. Securities and Exchange Commission – Official filings and announcements are available on the SEC’s portal ([ www.sec.gov.gh ]).
4. GhanaWeb – Our business news section continues to provide breaking coverage of the listing and post‑market performance.

7. Final thoughts

First Atlantic Bank’s forthcoming listing marks a milestone for the institution and for Ghana’s capital markets. By taking shares public, the bank will be able to tap into a broader pool of capital, increase its brand visibility, and accelerate its digital transformation agenda. The GSE’s successful handling of the listing process reflects the maturity of Ghana’s regulatory framework and the market’s readiness to support new entrants.

For investors, the offering presents an opportunity to acquire equity in a bank that combines a strong track record with a forward‑looking strategy. As with all equity investments, potential buyers should conduct thorough due diligence, reviewing the bank’s financials, risk profile and market positioning. If the listing proceeds as planned, First Atlantic Bank will likely become one of the most watched stocks on the GSE in the coming months.