The Bank of Ghana has merged five local banks as part of its ongoing measures to sanitize the banking sector.
The five banks, Beige, uniBank, Sovereign, Construction and Royal banks will now be called the Consolidated Bank of Ghana, Governor of the Bank of Ghana Dr. Ernest Addison told a press conference in Accra Wednesday evening.
Dr. Addison announced that various board of directors and shareholders will not have any role to play in the new entity that has been established.
According to him, depositors with the various banks will have access to their monies at all times as if nothing had happened.
The central bank appointed Nii Amanor Dodoo of KPMG as the receiver for the assets and liabilities of these banks which were all undergoing some challenges one way or the other.
To ensure that the new entity is able to stand on its foot, an amount of GHS450 million has been made available by the government.
Read the full press release from the Bank of Ghana here: