Consolidated Bank Ghana

Consolidated Bank Ghana (CBG) is a commercial bank in Ghana. It is licensed by the Bank of Ghana, the central bank and national banking regulator.[3]

Consolidated Bank Ghana
TypeParastatal
IndustryFinancial Services
FoundedAugust 1, 2018 (2018-08-01)
HeadquartersAccra, Ghana
Key people
Daniel Addo
CEO[1]
ProductsLoans, Savings, Checking, Investments, Debit Cards, Mobile Banking, Credit Cards, Mortgages
Revenue
Total assetsGHS:7,434,862,000 (US$1.296 billion)(Q3:2019)[2]
WebsiteHomepage

Location

The headquarters and main branch of the bank are located on the First Floor, Manet Tower 3, Airport City, Accra. This location is immediately west of Kotoka International Airport.[3][4] The geographical coordinates of the headquarters of CBG are:05°35'59.0"N, 0°10'38.0"W (Latitude:5.599722; Longitude:-0.177222).[5]

Overview

Consolidated Bank Ghana Limited is a large financial services organization, serving large corporations, high net-worth individuals, non-governmental organizations, regular customers and small and medium sized enterprises. As of 30 September 2019, the bank had total assets of GHS:7,434,862,000 (US$1.296 billion), with shareholders' equity of GHS:492,131,000 (US$86 million).[2] As of October 2019, CBG had 114 branches, 119 ATMs and approximately one million customers.[6]

History

In September 2017, the Bank of Ghana directed all universal banks in Ghana to raise their minimum capital reserves from GHS:120 million (US$22.8 million) to GHS:400 million (US$73.4 million). Five banks that failed to meet the minimum requirements were merged, namely Construction Bank, Beige Bank, Royal Bank, UniBank and Sovereign Bank. On 1 August 2018, the banking licenses of those five banks were cancelled and their assets and selected liabilities were merged to form Consolidated Bank Ghana Limited.[6] In addition, these five banks had committed regulatory breaches that made it impossible for them to operate as banking institutions, so Bank of Ghana closed them and fired their boards and senior management.[7]  

Recapitalization

The Government of Ghana issued a bond worth GHS:5.76 billion (US$1.2 billion) to retire the debt of the insolvent five banks.[8] In addition, the government availed Consolidated Bank with GHS:450 million (US$94.76 million) to serve as reserve capital.[9]

Ownership

Consolidated Bank Ghana Limited is 100 percent owned by the Government of Ghana.[10]

Branches

Consolidated Bank began operations with 148 branches in nine regions of Ghana. These were all branches of the five defunct banks the Bank of Ghana took over.[10] By October 2019, the number of branches had been rationalized to 114.[6]

Awards and recognitions

In 2020 the bank was one of twelve institutions that picked up honorary awards at the ninth Association of Ghana Industries (AGI) Ghana Industry and Quality Awards.[11]

See also

References
  1. Ghanaian Times (6 April 2020). "CBG explains payment modalities to customers of collapsed financial institutions". Ghanaian Times. Accra. Retrieved 8 April 2020.
  2. Consolidated Bank Ghana (30 September 2019). "Financial Position As At 30 September 2019" (PDF). Accra: Consolidated Bank Ghana. Retrieved 29 March 2020.
  3. Bank of Ghana (March 2020). "List of Registered Commercial Banks in Ghana". Accra: Bank of Ghana. Retrieved 29 March 2020.
  4. Consolidated Bank Ghana (29 March 2020). "Consolidated Bank Ghana: Contact Us: Head Office". Accra: Consolidated Bank Ghana. Retrieved 29 March 2020.
  5. Google (29 March 2020). "Location of the headquarters of Consolidated Bank Ghana" (Map). Google Maps. Google. Retrieved 29 March 2020.
  6. Temenos (29 October 2019). "Consolidated Bank of Ghana goes live with Temenos T24 Transact". Finextra.com. Retrieved 29 March 2020.
  7. Suleiman Mustapha & Maxwell Akalaare Adombila (2 August 2018). "Consolidated Bank Ltd takes over assets of 5 collapsed banks". Daily Graphic (Ghana). Accra. Retrieved 29 March 2020.
  8. Moses Mozart Dzawu (2 August 2018). "Ghana Merges Five Failed Lenders in $1.2 Billion Bank Rescue". New York City: Bloomberg News. Retrieved 29 March 2020.
  9. Africa Business Chief (6 August 2018). "The Bank of Ghana merges five banks to form Consolidated Bank Ghana Limited". Africa Business Chief. Retrieved 29 March 2020.
  10. Goldstreet Business (1 August 2018). "BoG merges five banks into Consolidated Bank Ghana Limited". Accra: Goldstreet Business. Retrieved 29 March 2020.
  11. "Association of Ghana Industries honours 12 companies". Graphic Online. Retrieved 26 November 2020.

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