The Bank of Ghana has consolidated five banks into what it calls the Consolidated Bank Ghana limited.
The banks are Beige Bank, Construction Bank, Royal Bank, uniBank and Sovereign Bank.
This means that the banks are merged.
Background
The Bank of Ghana announced the collapse of UT and Capital banks about a year ago, allowing GCB Bank to take over the two insolvent banks.
See Also: This Is What You Must Know After UT And Capital Banks Collapsed
In March 2018, the central bank again announced that the indigenous bank; uniBank, was also on the verge of collapse, and was taken over, with the audit firm, KPMG Ghana appointed as its administrator.
Again, in May 2018, BoG announced the appointment of an adviser to directly supervise operations of Sovereign Bank which the central bank claimed faced governance and capitalization challenges.
If you’re a client of any of these banks. Be on the look out for some operational changes.
Source: Citi
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