5 INDIGENOUS BANKS MERGED TO FORM CONSOLIDATED BANK – BoG

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5 Banks in Ghana namely; uniBank, The Construction Bank (Ghana) Ltd, The Royal Bank, Beige bank and Sovereign bank have been merged to form the Consolidated Bank Ghana Ltd.  

This move, according to Bank of Ghana, is an initiative to save some banks that are struggling to keep up with the new rules and regulations that BoG have set up to streamline financial institutions in the country. 

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This was made known by the Governor of the Bank of Ghana, Ernest Addison, at a press conference in Accra this afternoon. Mr. Addison gave the reasons for the take over. He said that Sovereign Bank obtained their license by false pretense. He also stated that Construction bank and Beige bank forged figures as capital to obtain their licenses. 

Clients of the affected banks are advised to rest assured because their deposits are still safe. 

Meanwhile, the Government of Ghana has appointed Daniel Addo as the CEO for the Consolidated Bank and has provided an initial start up capital of 450 million Ghana Cedis.

 

 

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