Consolidated Bank upbeat about 2019; says it will be 'exceptional'

Management of Consolidated Bank Ghana  (CBG) says it is happy about the comprehensive and innovation it has been able to offer its customers within the short time that it has been in the system. It said in a statement that 2019 will be an exceptional one for the customers as management build on the foundation laid in order to transform the bank to play a critical role in the banking sector. “We are excited about the comprehensive and innovative value proposition we have put together for our customers. This year will be exceptional as we build on the foundation that has already been laid to drive the agenda of transforming CBG and indeed the entire banking industry,” it said. The Bank of Ghana on August 1, 2018 established the Consolidated Bank to take over the assets of five banks – Beige Bank, Construction Bank, The Royal Bank, Sovereign Bank and uniBank-whose licences were revoked over liquidity challenges. Governor of the BoG, Dr Ernest Addison announced his outfit was pumping ¢450 million into the CBG as minimum capital. “We are committed to playing our part to build a strong and resilient banking sector to support robust macroeconomic growth”. A month ago, at the end of the financial clean up exercise to sanitise the banking sector, the BoG again revoked the licences of the Heritage and Premium banks and merged the two with the Consolidated Bank.

The two banks among others, failed to meet the new 400 million-cedi minimum capital requirement for universal banks in the country. According to the Consolidated Bank statement, the bank was working to “build a strong and resilient banking sector to support robust macroeconomic growth”. Signed by its Chief Executive Officer Daniel Wilson Addo, CBG indicated its preparedness to transform the country’s banking sector through the use of technology (CEO) of the Consolidated Bank Ghana Limited (CBG), has disclosed the bank’s preparedness to transform the country’s banking sector with technology led customer-centric approach. It explained the new direction would require that the bank’s risk management systems and governance practices were cutting edge and at par with the best practices in any international bank. “We want to be at the forefront of innovation in the banking sector to add value to our clients businesses and serve them better,” it added. It also said robust product portfolios and technological infrastructure had been put in place to ensure that the bank attained the necessary height needed to achieve the agenda to transform the sector. “We embarked on widespread internal reforms after the establishment of CBG with a view to establishing strong controls, deepening customer relationships and achieving operational efficiency. We continue to reiterate to customers trust us and continue to transact business with any of the bank’s branches nationwide”. The bank also assured that it would implement measures to ensure that customer needs were met in the various branches, adding that deposits of customers are equally safe due to the interventions.
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By|Ghana|with additional files from GNA]]>