{"id":1729,"date":"2019-01-04T19:47:35","date_gmt":"2019-01-04T19:47:35","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=1729"},"modified":"2019-01-04T19:47:41","modified_gmt":"2019-01-04T19:47:41","slug":"find-out-the-status-of-your-bank-gn-bank-now-savings-and-loans-company","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/04\/find-out-the-status-of-your-bank-gn-bank-now-savings-and-loans-company\/","title":{"rendered":"Find out the status of your Bank: GN Bank now savings and loans company"},"content":{"rendered":"\n

The Bank of Ghana has downgraded GN Bank to a savings and loans company.<\/p>\n\n\n\n

This was after the Central Bank finished what it describes as the \nbanking resolution requiring each commercial bank operating in the \ncountry to have a minimum capital of \u00a2400 million.<\/p>\n\n\n\n

At a news conference in Accra Friday, BoG Governor Dr Ernest Addison \nsaid an advisor has been appointed for GN Bank to ensure its smooth \ntransition to a micro-finance company.<\/p>\n\n\n\n

\u201cGN Bank (GN) was unable to comply with the Minimum Capital Directive by 31st<\/sup>\n December 2018. Consequently, GN Bank has applied for, and the Bank of \nGhana has approved the grant of a savings and loans company licence. The\n Bank of Ghana has also approved a transition plan submitted by GN for \nwinding down aspects of its business which are not compatible with a \nsavings and loans company licence,\u201d he said.<\/p>\n\n\n\n

According\n to him, BoG will closely monitor implementation of the approved \ntransitional plan which is expected to be completed by the end of June \n2019. <\/p>\n\n\n\n

He added that \u201c the Advisor will hold office until otherwise advised by the Bank of Ghana and will furnish the Bank of Ghana with a status report on the GN in three months and as frequently as the Bank of Ghana may require.\u201d<\/p>\n\n\n\n

The Central Bank Governor also confirmed reports that Stanbic Bank \nwill now take over deposits of customers of the Bank of Baroda.<\/p>\n\n\n\n

Dr Addison also revealed that the operating licenses of Premium Bank \nand Heritage Bank have now been revoked over various issues including \nlow capital.<\/p>\n\n\n\n

The capital adequacy ratio of Premium Bank, for example, was found to be negative 125%.<\/p>\n\n\n\n

As a result, selected assets and liabilities of the Premium Bank and \nHeritage Bank will now be transferred to the Consolidated Bank.<\/p>\n\n\n\n

He said 16 banks \u2013 Ecobank, Zenith, GCB, Standard Chartered, Stanbic,\n Fidelity, UBA, Barclays, Access, Consolidated, CAL, FNB, Republic, \nSociete General, GT Bank and the Bank of Africa \u2013 have so far met the \nminimum capital requirement as at December 31.<\/p>\n\n\n\n

Three banks \u2013 First Atlantic Merchant Bank\/Energy Commercial Bank, \nOmni Bank\/Bank Shael Sahara and First National Bank\/GHL Bank \u2013 have also\n received the blessing of the Central Bank to merge.<\/p>\n\n\n\n

Five indigenous banks \u2013 ADB, NIB, Omni\/BSIC, UMB and Prudential \u2013 will be benefiting from government GAT initiative with the Bank of Baroda existing and transferring\u00a0its customers to Stanbic Bank\u00a0<\/p>\n\n\n\n

credit: myjoyonline.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Ghana has downgraded GN Bank to a savings and loans company. This was after the Central Bank finished what it describes as […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[8],"tags":[337,55,367],"class_list":["post-1729","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banking","tag-bog","tag-gn"],"yoast_head":"\nFind out the status of your Bank: GN Bank now savings and loans company - Apt News Ghana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/04\/find-out-the-status-of-your-bank-gn-bank-now-savings-and-loans-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Find out the status of your Bank: GN Bank now savings and loans company - Apt News Ghana\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana has downgraded GN Bank to a savings and loans company. 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