Thousands to lose jobs under newly created Consolidated Bank

Management of the newly created CONSOLIDATED BANK GHANA LIMITED has served notice to Staff of the five collapsed banks working for the new bank of an imminent restructuring  to be undertaken shortly by the bank.

A circular forwarded to all employees said: “As you are aware, the Bank of Ghana has withdrawn the operating license of your Bank and the Consolidated Bank Ghana Ltd. has assumed the assets and liabilities of the Bank.  The purpose of this letter is to inform you that you will be working with the new Bank for a period of 60 days for certain during which time it will be possible for your employment status to be assessed.”

The said letter dated August 1, 2018 and signed by the Chief Executive Officer of the Bank, Daniel Addo also indicated that “Based on this assessment, a determination will be made as to whether you will continue to be in employment with the Consolidated Bank Ghana Ltd. ”

The Bank of Ghana last week revoked the licenses of five universal banks, namely, Royal Bank, Construction Bank, Sovereign Bank, Unibank and BEIGE Bank. According to the central bank, the action was taken due to the inability of some of the banks to meet existing minimum capital requirement.

Some of the troubled banks also faced liquidity issues while others obtained their licences through dubious means.

The banks have been merged to form the Consolidated Bank of Ghana (CBG) Limited.