Home Business CBG pays out GH¢2bn to depositors, MFIs from bonds

CBG pays out GH¢2bn to depositors, MFIs from bonds


Consolidated Bank Ghana (CBG) has paid out some GH¢2 billion to depositors, which includes microfinance and financial savings and financial loans providers from bond funds it obtained from the Financial institution of Ghana.

CBG mentioned the enhancement ought to tackle liquidity worries in the economic sector.

As portion of attempts to assure a resilient banking procedure, the authorities incorporated Consolidated Bank Ghana Minimal and capitalised it with ¢450 million.

The Consolidated Financial institution assumed picked assets and liabilities of some five banking institutions whose licenses have been revoked by the Bathroom and also offered fiscal assist by the issuance of a bond.

The bond, GH¢ 5.76 billion, was issued to the Acquire and Assumption Settlement beneath which the CBG acquired all deposits and other specified liabilities, and superior assets of the 5 financial institutions.

Providing particulars of the GH¢2 billion payout, Taking care of Director of CBG, Daniel Wilson Addo, claimed last Friday that the lender has been doing the job in near get hold of with the central bank and formal Receiver of the CBG to make out there the hard cash receipts from the bond.

“We have a bank that is potent, liquid, very stable…the two bonds that had been issued, we obtained the funds for a person bond in November, a different bond that was issued for the second batch of the financial institutions we have also received the cash for it,” Mr Addo informed Pleasure Business enterprise at the start of his outfit’s new tagline, “We Stand with You.”

He additional: “So significantly we have compensated about 2 billion cedis in deposits but the appealing factor is that a whole lot of all those deposits that are coming back because depositors are also declaring that we like you as a financial institution, the simple fact that you are robust and liquid and we want to proceed to do small business with you. So we are not viewing a internet outflow of funds. We are essentially seeing a web influx of money to us.”

Consolidated Financial institution Ghana

The Central Bank introduced the development of Consolidated Financial institution Ghana to choose above some struggling banking institutions in the country.

Sovereign Lender, Royal Bank, Beige Money, Building Lender and Unibank are five economic institutions that have operate into liquidity challenges.

Subsequently, the operational licences of Heritage Lender and Premium Lender had been also revoked by the central lender and their liabilities and picked assets also taken around by the CBG.

New tagline

The all-inclusive tagline “We Stand With You,” seeks to underline the bank’s determination as a reliable companion, standing with the consumers to establish a long run alongside one another.

The tagline more defines CBG’s function in modifying the planet of customer engagement by way of the rollout of customer-centric offerings.

Outlining the rationale guiding the tagline at the media launch, Board Chair of CBG, Nana Abra-Appiah, stated, “At Consolidated Bank, buyers are at the heart of our company,  and we seem to delivering nothing small of superior products and services that differentiate us in the marketplace, so the tagline “We Stand With You”.

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