• The MD of CAL Bank Frank Brako Adu Jr. is expected to retire in December 2019.
  • Philip Owiredu has been appointed to succeed him following the approval of the Bank of Ghana.
  • He will assume the position on January 2020.

The Executive Director and Chief Financial Officer of CAL Bank, Philip Owiredu, will succeed the Managing Director of the bank Frank Brako Adu Junior, as following the Bank of Ghana’s (BoG) approval. 

Mr Brako Adu Jr is expected to officially retire in December 2019. While Mr Owiredu will formally assume office as Managing Director from January 2020.

His nomination was announced at a private cocktail organized to honour exiting members of the board of the bank.

CAL Bank is expected to officially announce this development soon after it secures the required regulatory approval and shareholder approval.

About Philip Owiredu

The newly appointed MD is currently the Executive Director of the Bank and Chief Finance Officer. He was once the Director of Financial Control Department at the bank.

He started working with CAL Bank in 2004 after leaving accounting firm KPMG where he served in a senior management role for eight years.

He is a fellow of the Institute of Chartered Accountants UK, a member of the Risk Management and Surveillance Committee, a sub-committee of the Council of the Ghana Stock Exchange (GSE).

Frank Adu retires from CAL Bank

The current MD of CAL Bank, Frank Adu, is expected to retire after serving the bank for more than 20 years.

Frank Brako Adu, CAL Bank MD
Frank Brako Adu, CAL Bank MD

He joined the bank in 1992. He was appointed as Deputy MD and finally MD in 2000. This means he has served 10 years as a staff and 17 years as MD.

Mr Adu led the transformation of CAL bank to a strong financial institution in the country’s banking sector.

Under his tenure, the bank moved from a small corporate-focused bank with three branches to a universal bank with 28 branches and about 850 employees.