Last Friday Amalgamated bank Ghana limited, a keen competitor in the financial market, launched new banking products as part of its network expansion to attract more customers.

The products include Amal Easy save account, Amalbank Pay Advance Salary Scheme, Executive Saving Account and Pearl Account.

At the launch, the chief executive officer of Amalbank, Olowele Ajemale, reiterated that they had come a long way from seven years ago when the bank started as a small merchant bank, with only one branch in Accra,

"Our repositioning as a universal bank, has spurred us on to embark on what could be arguably regarded as one of the most aggressive expansion programmes on the Ghanaian market. Within a space of less than a year we have grown our branch network from three business offices, to nine".

He regarded the initiative as a major milestone in their move to become the dominant bank on the Ghanaian market. In keeping with the bank's strategy, he said the bank would continue to expand its business office network to more communities by the end of the year, and aims to have 15 business offices located in close neighbourhoods.

He announced that during the month, Amalbank crossed the groundbreaking ¢1 trillion in total assets. This represents about 120% increase over the corresponding period last year.

Similarly, the bank"s deposit liability crossed the ¢900 billion mark, recording a110% increase over the same period.

He stressed that their resolve to be the most customer focused player in the industry recently received a big boost, with the successful conclusion of a $1 million trade finance line for lending to their customers. Thus,

Amalbank is now set to expand its trade finance business or enable their corporate clients to obtain low- risk financing at very competitive term, and concluded that product development and innovation has been of the hallmarks of Amalbank

Mohammed Bawumia, 2nd deputy Governor of the Bank of Ghana, in his address said the development of new financial services enhances efficiency and benefits users in increasing competition among providers. It also increases the range and convenience of financial products for the benefit of clients.

The product launch was a reflection of the change in the banking landscape taking place in Ghana, noting that competition in the sector is increasing, and urged banks to be innovative and meet the needs of their customers to survive.

The Easy Save Account is a savings account designed to make it easier for ordinary Ghanaians to have a bank account. There is no initial deposit required and no complex documentation or passport pictures are required. This is to allow those without bank accounts currently to gain one easily.

The Executive Account is also designed for young professionals and executives with the intension of building funds for their personal projects, probably for mortgage loans or their own houses. It earns up to 2% above the normal 3% and 6% savings rate.

The Pearl Account, an collateral free account, is Amalbank’s way of responding to the current market trends which is a drift away from COT and is best solution for clients who find it hard to keep up with multiple accounts and the charges that come with them.