Heritage bank to commence operations in February

Heritage bank, one of the new banks which recently got the green light from the Bank of Ghana(BoG) to operate as a commercial bank in Ghana is to begin full operations in February this year.

The bank which is a wholly owned Ghanaian bank, got the nod from the BoG to commence business operations as a universal Bank in the last quarter of 2016.

Citi Business News can confirm former Minister of Finance as well as board chairman of National Development Planning Commission, Prof. Kwesi Botchwey has been appointed as the Board chairman of the bank while renowned banker Mr. Patrick Edwin Fiscian will serve as the bank’s Managing Director.

Patrick Edwin Fiscian has worked with Ecobank, Unibank as well as Standard Charted bank.

Heritage bank’s entry into the banking industry brings the number of commercial banks in the country to 33.

Last year the central bank gave Omni bank, Ghana Home Loans and Premium bank all regulatory licenses to operate as commercial banks.

Citi Business News has gathered the central bank will give three other licenses by the end of the year and this is likely to see the number of banks in Ghana move up to 36.

The development is expected to push up competition in the industry but at the same time limit the space since the growing number of banks will follow the same clients for deposits.

By: Vivian Kai Lokko/citibusinessnews.com/Ghana