Stanbic Bank Ghana Limited has absorbed customers of Indian-state lender, Bank of Baroda under an arrangement that comes at no cost to Stanbic Bank Multiple sources involved in the arrangement told Graphic Online that the transaction was sealed at the end of December, paving the way for the Bank of Baroda to officially wind up its operations in Ghana.
The transaction has since been approved by the Bank of Ghana (BoG) and there will be an official announcement today.
This means customers of Baroda now become that of Stanbic.
The bank resolved to wind up its operations in the country around August last year to avoid raising the four hundred million Ghana Cedis minimum capital required by the Bank of Ghana.
Baroda, which started operations in 2008, was servicing mainly Indian customers and considered one of the profitable banks in the country.
