Consolidated Bank urges calm after successful takeover of 5 banks

BY: Graphic.com.gh

The management of the newly established Consolidated Bank Ghana Limited (CBG) is asking customers of the five banks whose licenses were revoked to remain calm, assuring them that their deposits are in safe hands.

In a statement sent to customers, the bank’s Chief Executive Officer, Mr Daniel Addo, said Consolidated Bank is “adequately capitalised and have enough liquidity to meet all your needs.”

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The message was sent as a short message service (SMS) to the thousands of customers of Royal, Construction, Sovereign, uniBank and BEIGE banks, whose licences were withdrawn on August 1, 2018 and their selected assets and liabilities transferred to Consolidated Bank Ghana Limited.

Read also: BoG collapses 5 banks into Consolidated Bank Ghana Ltd

The bank was established on August 1 as an indigenous bank with 100 per cent government ownership to absorb depositors from suffering losses following the insolvency of the erstwhile banks.


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The bank is capitalised with GH¢450 million, above the BoG’s new minimum capital requirement of GH¢400 million.

It was subsequently issued a bond of GH¢5.76 billion to be used to cover the deposits of customers of the five banks.

RelatedWhy BoG revoked licenses of 5 banks and consolidated them

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Below is a copy of the message

We warmly welcome you to Consolidated Bank Ghana Limited and are delighted at this opportunity to serve you.

Consistent with the press release from the Bank of Ghana we are adequately capitalized and have enough liquidity to meet all your needs.

Our doors remain open for business and you are welcome to continue to perform all transactions from any of our branches across our networks.

We remain dedicated to providing you with the same exceptional client service across all our channels and touch-points.

Kindly call 0302 216 000 if you require any clarifications.

Thank you for your custom and we look forward to serving you even better.

Best regards.

Daniel Addo
C.E.O