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Consolidated Bank customers regain confidence

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The customers of the Consolidated Bank Ghana (CBG) have regained confidence in banking with the brand after having access to their funds with ease and maturities settled within a month.

A statement signed by Mr Daniel Addo, the Managing Director of the bank, said customers were initially not confident about the changes that had occurred in the banking sector and this affected their dealings with the bank.

“Customers now realise CBG’s importance in terms of its role to facilitate and ensure seamless transition and continuity in banking.

“Customers are now very receptive and have confidence in CBG and the banking sector as a whole,” it said.

The statement said the task of managing merged banks was huge but management and staff have been able to surmount the challenges and regained the confidence of customers.

“It is a huge task but we have executed our mandate professionally and in the best interest of our stakeholders. Inevitably, this has involved balancing competing needs whilst ensuring that no stakeholder group is unduly disadvantaged,” it said.

Whilst admitting that there were initial challenges with customers access to their investments and deposits after the establishment of the bank, the statement said, those challenges have been resolved.

The statement assured the financial markets that customers and investors, individuals and institutions, are paid promptly when their deposits and investments mature.

It said the CBG had moved swiftly to draw down on the GH¢7.6 billion bond it was issued with and now has enough liquidity to meet customers’ requirements.

“The bond of GH¢7.6 billion was issued in two tranches of GH¢3.2 billion and GH¢4.4 billion. The Central Bank, in November 2018, monetised the first tranche and we are currently in talks with third parties to securitise the second tranche of bond by June 2019,” the statement said.

The bank has made considerable progress on the system integration whilst moving to establish a technology architecture that will deliver a simple secure and differentiated banking experience, the statement said.

It explained that on integration, the bank has also initiated a project to right size the branch footprint based on its Target Operating Model.

“You will see new branches opened and old ones that do not meet our rigorous standards closed. This will be phased and completed by the end of 2019,” the statement said.

On the assumption of Heritage and Premium banks, the statement said, the step had not negatively impacted CBG, but had rather increased the balance sheet size of the bank, which allows the bank to become one of the biggest in the country.

SourceGNA

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