CBG Not Sold- Management

The Management of Consolidated Bank Ghana (CBG) has refuted claims that the financial institution has been sold to a Swiss company.

In a statement released on Wednesday, the Bank asserted that there had not been any change in the ownership.

“Consolidated Bank Ghana LTD (CBG) wishes to categorically refute social media reports alleging that the Bank has been sold… The government of Ghana remains the sole shareholder.”

It therefore noted that the reports of sale of the Bank are “entirely false and misleading”.

A part of the false report had urged customers to withdraw their deposits before the new owner fully takes over the reins but the Bank in its press statement affirmed that there is no cause for concern regarding customer deposits and the Bank’s operational integrity.

“The Bank continues to deliver exceptional customer service and innovative products. As the SME Bank of choice, the loyalty and trust placed in us by our customers are highly appreciated. We assure our cherished customers that their funds are secure with the Bank, and urge the public to rely on the Bank’s official communication channels for any information.”

The Ministry of Finance in a separate statement said the CBG remains critical in the Government’s strategy of supporting indigenous businesses and the SME sector to spur economic growth.

“Over the past two years, the Government has taken steps to strengthen the bank’s capital to make it more resilient post the Domestic Debt Exchange Program (DDEP) under the IMF-supported Ghana Financial Sector Strengthening Strategy (GFSSS), as approved by Cabinet.

“This support is to prevent the decimation of Indigenous financial institutions and to preserve jobs. CBG therefore is in a sound financial position, and there is no cause for concern regarding the security of customers’ deposits or the bank’s operational integrity.”

CBG was converted from a bridge bank into a universal bank and licensed by the Bank of Ghana.

Source: opemsuo.com/Hajara Fuseini