The properties of Heritage bank, one of the local banks that had it licence revoked as a result of reforms by the Bank of Ghana (BoG), are to be auctioned today September 9, 2019.
In a public notice, properties of Heritage bank up for the auction include office furniture and other fitting equipment, vehicles and power plants.
The auction was ordered by the Receiver of the bank, the notice said.
The notice says the auction would be carried out by one Mr Jonas Acquah of JONAC Mart, an auctioning firm, based at Dzorwulu and Tema Motorway Industrial Area, both in Accra.
The notice detailed other assets up for auction as including used furniture and fitting office equipment, two Toyota Land Cruiser V8 vehicles, seven Toyota Land Cruiser Prado vehicles and one Toyota Fortuner vehicle and used power plants (automatic voltage regulator (AVR), generators and UPS.
It is expected that the funds to be generated from the sale of the properties of heritage bank would be used to settle creditors.
The Bank started operations in October 2016 but lost its licence in January 2019 after the BoG found that the bank’s activities breached various aspects of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Its good assets and liabilities were merged into the Consolidated Bank Ghana Limited (CBG) under a purchase and assumption agreement.
But unlike the eight other banks that were consolidated into the CBG, Heritage Bank’s branches were closed in a rationalisation exercise meant to streamline its cost of operations.
Meanwhile, majority shareholder of the defunct bank, Alhaji Seidu Agongo, has written an emotional article on the collapsed Heritage Bank Limited after a notice announced that the bank’s assets were due to be auctioned.
In the article titled ‘a sad end?’ the businessman, who was the significant shareholder of the now defunct bank, said he envisaged Heritage Bank to be “a proud continental brand, blazing the flag of Ghana and rubbing shoulders with counterparts elsewhere.”