The Consolidated Bank Ghana (CBG) Limited, has announced that all branches of Heritage bank will cease operations from Thursday, 28 February 2019, except two branches.
A statement from Vish Ashiagbor, the Receiver at Consolidated Bank Ghana dated February 25, 2019 says that “Please be informed that with the exception of the Tema Community 1 and Suame – Kumasi branches, CBG will cease to operate the former branches of Heritage Bank after close of business on Thursday, 28 February 2019,” The statement added: “Unless specifically requested, all the Receiver’s consultant staff will no longer be required to physically report to work at the former branches or Head Office daily”.
The statement added that the latest development “does not affect the terms of the existing consultancy contract between the Receiver and the Consultant Staff. Accordingly, allowances will be paid in line with the consultancy contracts for the term of the contract which ends on 31 March 2019”.
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Over 300 staff were employed by the former Heritage Bank and as a result of the revocation they were given a three-month contract by the Receiver but with only two branches being maintained, it is likely a majority of the workers will lose their jobs after the expiration of the three-month contract in March.
The BoG revoked Heritage Bank’s licence on Friday, 4 January 2019 on the basis that the majority shareholder, Seidu Agongo, among other things, used proceeds realised from alleged fraudulent contracts he executed for the Ghana Cocoa Board (COCOBOD), for which he and former COCOBOD CEO, Dr Stephen Opuni are being tried, to set up the bank.
However, in a related development, Consolidated Bank Ghana Limited (CBG) a few days ago launched a state of the art branch to offer customers seamless banking experience.
The digital branch, located at Labone in Accra, is a new addition to the CBG branches across the country.
