Heritage Bank collapsed, merged with Consolidated Bank
The Bank of Ghana has, in a surprise, move revoked the of Heritage Bank Ghana Limited
central bank has also approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to the liabilities and selected assets of the now defunct bank.
Graphic Online is reliably informed that the BoG Governor, Ernest Addison will announce the action shortly.
He is due to explain why the central bank took that decision.
Graphic Online is, informed that BoG says it cannot authenticate the source of the bank's capital.
Ghana News Headlines
For latest news in Ghana, visit Graphic Online news headlines page Ghana news page
Confirming the development at a press conference Friday evening, the Governor of BoG said together with Premium Bank, has issued a Ghc1.4bn bond to cover the gap.
Heritage Bank main shareholder not 'fit and proper'
Addison said the main shareholder of the now deduct Heritage Bank Ghana Limited is not "fit and proper" to own a bank.
He did not explain why.
Graphic Online can confirm that the bank's main shareholder is Seidu Agongo, the Chief Executive Officer of the .
Agongo is standing trial alongside the former Chief Executive Officer of the Ghana Cocoa Board for financial , including causing financial loss to the state.
Watch the BoG's press conference below