The Group Nduom (GN) Bank is now a savings and loans company. This follows the bank’s inability to meet the Bank of Ghana minimum capital of GHS400 million by December 31, 2018
This was after the Central Bank finished what it describes as the banking resolution requiring each commercial bank operating in the country to have a minimum capital of ¢400 million.
At a news conference in Accra Friday, the Governor of Bank of Ghana, Dr. Ernest Addison said Vish Ashiagbor of the international audit firm, PricewaterhouseCoopers, (PwC), has been appointed an advisor for the GN Bank to ensure a smooth transition to a micro-finance company.
He also confirmed reports that Stanbic Bank will now take over deposits of customers of the Bank of Baroda.
Dr. Addison also revealed that the operating licenses of Premium Bank and Heritage Bank have now been revoked over various issues including low capital.
The capital adequacy ratio of Premium Bank, for example, was found to be negative 125%.
