Bank of Ghana merges five distressed banks

The Bank of Ghana (BoG) on Wednesday announced the creation of a new bank, Consolidate Bank Ghana Limited, meant to serve customers of five stressed banks that it has merged into one.

The affected distressed banks are Unibank, The Royal bank, Sovereign Bank, Beige Bank and Construction bank.  The five banks have been declared insolvent and all their assets and deposits transferred to the new Consolidate Bank Ghana Limited

The apex bank added that the new bank is to have total assets of more than 7 billion cedis. It will also consolidate staff of the stressed banks numbering over 2,000.

BoG also allayed fears of all account holders in the said banks assuring them that their deposits were safe and they could visit their respective branches to conduct business under the new bank.

It is expected that signages and other documentation of the dissolved banks shall be replaced with that of the new bank in the coming weeks.