Business, News

Stanbic bank takes over Bank of Baroda as it ends operations in Ghana

Stanbic Bank Ghana, says it has received all deposits and investments of customers of the Bank of Baroda, which is ending its operation in Ghana.

Customers of the Bank of Baroda will now access their funds from Stanbic Bank Ghana.

The Managing Director of Stanbic Bank, Ghana, Alhassan Andani said customers of Bank of Baroda have no reason to panic over their funds.

December 31, 2018, was set by the Bank of Ghana as the deadline for commercial banks to meet the 400 million Ghana cedis minimum capital requirement.

Some 22 banks were confirmed to have met it while bail out has been announced for Six, (6) Banks to meet the minimum Capital requirement.

The Bank having decided to end operation in Ghana has ceded its entire client base to Stanbic Bank Ghana.
The agreement between the two banks covers only the assets and liability of the Bank of Baroda.
As a result, Stanbic Bank has created new account for customers with current account, savings account and fixed deposits.
Alhassan Andani said the investments of all Baroda Banks customers are safe and can be accessed anytime.
There are fears, employees of the Bank of Baroda will likely be jobless within the next couple of days.
The management of the Bank of Baroda declined to comment on the latest development regarding their operation.