{"id":647111,"date":"2019-06-28T16:51:17","date_gmt":"2019-06-28T16:51:17","guid":{"rendered":"
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Consolidated
\n Bank Ghana (CBG) has paid out some GH\u00a22 billion to depositors,
\nincluding microfinance and savings and loans companies from bond cash it
\n received from the Bank of Ghana.<\/p>\n

CBG said the development should tackle liquidity challenges in the financial sector.<\/p>\n

As part of efforts to ensure a resilient banking system, the government incorporated Consolidated Bank Ghana Limited and capitalised it with \u00a2450 million. <\/p>\n

The Consolidated Bank assumed selected assets and liabilities of some five banks whose licenses were revoked by the BoG and also provided financial support through the issuance of\u00a0a bond.<\/p>\n

The bond, GH\u00a2 5.76 billion, was issued towards<\/strong><\/a>
\n the Purchase and Assumption Agreement under which the CBG\u00a0acquired all
\ndeposits and other specified liabilities, and good assets of the five
\nbanks.<\/p>\n

Giving details of the GH\u00a22 billion payout, Managing Director of CBG, Daniel Wilson Addo, said last\u00a0Friday that the bank has been working in close contact with the central bank and official Receiver of the CBG to make available the cash receipts from the bond.<\/p>\n

\u201cWe
\n have a bank that is strong, liquid, very stable\u2026the two bonds that were
\n issued, we received the cash for one bond in November, another bond
\nthat was issued for the second batch of the banks we\u2019ve also received
\nthe cash for it,\u201d Mr Addo told Joy Business at the launch of his
\noutfit\u2019s new tagline, \u201cWe Stand with You.\u201d<\/p>\n

He added:\u00a0\u201cSo far we have paid about 2 billion cedis in deposits but the interesting thing is that a lot of those deposits that are coming back because depositors are also saying that we like you as a bank, the fact that you are strong and liquid and we want to continue to do business with you. So we are not seeing a net outflow of funds. We are actually seeing a net inflow of funds to us.\u201d<\/p>\n

Consolidated Bank Ghana<\/strong><\/p>\n

The Central Bank announced the creation of Consolidated Bank Ghana to take over some struggling banks in the country.<\/p>\n

Sovereign
\n Bank, Royal Bank, Beige Capital, Construction Bank and Unibank are five
\n financial institutions that have run into liquidity challenges.<\/p>\n

Subsequently, the operational licences of Heritage Bank and Premium Bank were also revoked by the central bank and their liabilities and selected assets also taken over by the CBG.<\/p>\n

New tagline<\/strong><\/p>\n

The
\n all-inclusive tagline \u201cWe Stand With You,\u201d seeks to underline the
\nbank\u2019s commitment as a trusted partner, standing with the customers to
\nbuild a future together.<\/p>\n

The
\n tagline further defines CBG\u2019s purpose in changing the world of customer
\n engagement through the rollout of consumer-centric offerings.<\/p>\n

Explaining the rationale behind the tagline at the media launch, Board Chair of CBG, Nana Abra-Appiah, said, \u201cAt Consolidated Bank, customers are at the heart of our business,\u00a0 and we look to delivering nothing short of superior services that differentiate us in the industry, thus the tagline \u201cWe Stand With You\u201d.<\/p>\n

Source: Myjoyonline.com<\/p>\n