Consolidated Bank to review status of employees after 60 days

The management of Consolidated Bank Ghana Limited (CBG) has informed all its staff of an impending assessment which will determine whether they will remain employees of the newly formed bank after 60 days.

The CBG was formed a week ago when the Bank of Ghana merged five insolvent banks - BEIGE, Sovereign, Construction, UniBank and Royal Bank.

The BoG Governor, Dr Ernest Addison after announcing the formation of the new bank assured existing staff of the banks of the safety of their jobs.

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He said: "All staff of the affected banks will become staff of the Consolidated Bank, we do not expect any immediate job losses as a result of this consolidation, thank you".

However, a letter dated August 1, 2018 and signed on behalf of the Consolidated Bank Ghana Limited by the Managing Director and CEO, Mr Daniel W. Addo to individual employees informed them that their employment status will be re-assessed after 60 days.

“We wish to welcome you to the Consolidated Bank Limited," the letter said.

“As you are aware, the Bank of Ghana has withdrawn the operating licence of your Bank and the Consolidated Bank Ghana Limited has assumed the assets and liabilities of the Bank.

“The purpose of this letter is to inform you that you will be working with the new bank for a period of 60 days for certain, during which time it will be possible for your employment status to be assessed.

“Based on this assessment, a determination will be made as to whether you will continue to be in employment with the Consolidated Bank Ghana Limited.

“Kindly be reminded that you will operate from your current workplace.”