BoG Merges uniBank, Royal Bank, Beige Bank, Others Into Consolidated Bank

There are more troubles for banks in Ghana.

The Bank of Ghana merged five banks into a Consolidated Bank of Ghana Limited.

The banks are BEIGE, Sovereign, Construction, UniBank and Royal Bank.

Furthermore, this move follows the insolvency of the four banks after investigations by Bank of Ghana (BoG).

The BoG Governor, Dr Ernest Addison announced this Wednesday afternoon.

Bank of Ghana merging 5 banks to form Consolidated Bank Ghana Limited

Moreover, the government expects the Consolidated Bank Ghana Limited to help in economic development.

Also, the government issued a bond totaling GHc5.6 billion. This is to cater for bad assets of the four banks, Dr Addison said.

Furthermore, explaining the move; the Governor said Unibank and Royal Bank were under capitalised. Therefore, those banks were beyond rehabilitation.

On Royal Bank, he said non performing loans were high. Meanwhile, Sovereign Bank’s license, he said was granted under suspicious act.

Dr Addison said the consolidated banks will be headed by Mr. Nii Amanor Dodoo of KPMG as the Receiver for the five banks.