Ghana’s Central Bank, Bank of Ghana (BoG), has merged The Royal Bank, The BIEGE bank, Sovereign bank, Construction Bank and Unibank to form Consolidated bank.
This decision of BoG comes after the failure of the five banks to meet the GHS400 Million minimum capital requirement.
Announcing the merger, Wednesday August 1 2018, BoG's governor Dr. Ernest Addison noted that the merger forms part of the Central Bank’s financial sector streamline plan.
He noted that some of the affected banks presented documents suggesting that they could meet BoG’s new GHS400 Million capital requirement.
"To conclude, let me assure clients of the five banks that their deposits are safe. Clients of these banks can carry out their normal banking transactions at their respective banks which will now become branches of the Consolidated Bank of Ghana Limited. All staff of the affected banks will become staff of the Consolidated Bank, we do not expect any immediate job losses as a result of this consolidation, thank you”, He said.
He however assured customers of the banks affected in the merger that their monies are safe.
Ghana | Atinkaonline.com