Home Business We're only winding up in Ghana – Bank of Baroda explains

We're only winding up in Ghana – Bank of Baroda explains

Managing Director of the Bank of Baroda, Praveen Kumar says information suggesting that the bank has been taken over by Stanbic Bank is inaccurate. According to him, media reports that the bank has resolved to wind up its Ghana operations around August 2018 to avoid raising the GHC400 million minimum capital is “false’’. A press statement issued by the Bank of Boroda Ghana Limited and signed by Praveen Kumar explained that, following the instructions of the government of India and with respect to justifiable reasons of the operation overseas of the public sector banks in India, the bank decided to divest its activities in certain countries which include Ghana. “The BOBIN [Banks in India, Bank of Baroda India],  policy resolution to divest its banking activities from Ghana was passed in December 2017,” the statement said. “In light of the above, BOBIN, the shareholders of Bank of Baroda (Ghana) Ltd. (BOBGL), accorded approval for the closure of BOBGL.” As a result, the statement said, “14th December, 2018, BOBGL filed an application for Certification of Voluntary winding up of BOBG with BoG.” After the Bank of Ghana has subsequently been notified, the statement pointed out that approval was therefore given for the Bank of Baroda in Ghana to voluntarily wind up its operations on 24th December, 2018. It explained that with the approval of BoG, BOBGL entered into an Assumption Agreement with Stanbic Bank Ghana Limited (Stanbic) to assume all deposits and loan portfolio of BOBGL and ensure a seamless banking service to all customers in the Accra, Tema, and Kumasi branches, effective 2nd January, 2019.

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Source: 3news.com | Ghana]]>