gn_bank_downgraded_to_savings_and_loans
Dr Papa Kwesi Nduom, CEO of Groupe Nduom
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Management of defunct GN Bank has explained that its decision to operate as a savings and loans company was because it still wants to operate as a Ghanaian institution aimed at promoting financial inclusion and serving the needs of ordinary Ghanaians.

The Bank of Ghana (BoG) on Friday, January 4, 2019 announced that the bank had opted to operate as a savings and loans company after it failed to meet the minimum capital of GH₵400 million by December 31, 2018.

Following that, a statement signed by the Head of GN Corporate Affairs, Frank Owusu-Ofori, explained that the decision of the bank stemmed from conditions laid down by foreign investors at the time that they were searching for additional capital to meet the GH₵400 million capital requirement.

ALSO READ: Bank of Ghana downgrades GN Bank to Savings and Loans company

“It is necessary for us point out that in the process of looking for additional capital, we made a conscious decision not to sell our bank to mostly foreign interests. These investors wanted the retail network we have built, but with the intention to abandon our vision of promoting financial inclusion and serving the needs of ordinary Ghanaians. We have been honest about who we are – a Main Street Bank and not a High Street Bank,” the statement said. However, the statement added that they have started the transition process in order to deliver products and services beyond excellence as a savings and loans company.