Chairman of the Finance Committee of Parliament, Dr. Mark Asibey-Yeboah

The Consolidated Bank Ghana, is set to close down 98 of its branches.

The bank was created to take over the liabilities and assets of the five collapsed indigenous financial institutions namely uniBank, Royal , Beige, Sovereign and Construction Bank.

Altogether, the defunct banks had 191 branches, but after an initial assessment, management of the bank has decided to keep only 93 branches inherited from the collapsed banks.

Briefing the media after the in-camera session with officials of the bank, Chairman of the Finance Committee of Parliament, Dr. Mark Asibey-Yeboah, said  the bank told the committee they had not yet arrived at the number of people who may lose their jobs yet.

In a related development, officials from the National Insurance Commission and the Securities and Exchange Commission will  appear  before the Finance Committee of Parliament today, September 7, 2018, in the ongoing probe of the  collapsed banks.

Chairman of the committee,  Mark Asibey-Yeboah said these two institutions  also crucial as far as the probe into the collapse of the banks are concerned.

He said a lot of the banks which collapsed ended up moving money into the establishment of insurance firms. He cited Beige Capital as establishing Beige Pensions adding that some of the banks also moved money into investment firms.

Therefore these two institutions will appear to explain  how the entities where funds were moved  to are faring and their links with the collapsed banks.

Today will be the third and last day of the probe and after the Finance committee will come up with a report on the way forward.

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