News of the Bank of Ghana’s decision to merge five indigenous banks has generated mixed reactions from the general public.
On Wednesday, the Central Bank announced that The Royal Bank, Sovereign Bank, The Construction Bank and Beige Bank have been merged to form The Consolidated Bank of Ghana Limited.
The Central Bank said the five banks were merged in order to “ensure that the banking sector maintains a strong indigenous presence”.
Governor of the Bank of Ghana, Ernest Addison, has also explained that the newly established Consolidated Bank “will act as a bridge bank pursuant to section 127 (11) of Act 930, to assume some of the assets and liabilities of the five banks”.
But do you know the big men who headed these merged banks?
Below are the Chief Executive Officers and Managing Directors of the aforementioned banks:
1. Stephen Kpordzih – CEO of The Construction Bank
Stephen Kpordzih joined the Construction Bank as CEO, having worked in numerous other high-profile banking firms.
The banker has over 30 years industry experience in credit risk, corporate finance, treasury and debt structuring.
His previous positions include working as CEO of the Agricultural Development Bank (adb), Head of Wholesale Banking of Stanbic Bank, as well as having stints with the Ghana Commercial Bank and Barclays Bank Ghana.
2. Dr. Kwabena Duffour II – CEO of uniBank
Popular businessman, Dr. Kwabena Duffour served as CEO of the uniBank before its collapse. He is also very experienced in the banking sector with over nine years of experience.
He holds a PhD in Finance, an MSc Banking and International Finance from Cass Business School, and a degree in Economics and Mathematics from the University of Southampton.
Dr. Duffour previously worked with the Ghana International Bank Plc and Standard Chartered Bank, before joining uniBank, first as Chief Operating Officer, and later rising to become CEO of the bank.
3. Mike Nyinaku – CEO of Beige Bank
Mike Nyinaku is the founder BEIGE Group (TBG), which was started in the year 2008. As a professional accountant, he worked for over 10 years in the sector before establishing his own bank.
Before the formation of the Beige Bank, Mike Nyinaku was Chief Finance Officer of a US-based NGO known as OICI-GH.
He is also an experienced entrepreneur.
4. Johan Rheeder – Managing Director/CEO of Sovereign Bank
CEO and Managing Director of the Sovereign Bank, John Rheeder, has worked in the banking sector for over 30 years.
The banker also holds a Master of Business Administration from Business School Netherlands.
He previously served as CEO of Charter One Bank, Juba, South Sudan and Head of Branchless Banking Delivery at the Barclays African Group in Johannesburg.
5. Osei Asafo-Adjei – Managing Director/CEO of Royal Bank
Osei Asafo-Adjei started his career in the banking sector in 1993 and has since served at some of the most prestigious banks in the country.
He previously worked with the Trust Bank, serving in the capacities of General Manager, Business Development, Head of Corporate Banking and Head of Corporate and Commercial Banking.
He has also worked with the Agricultural Development Bank (adb) in 1993, where he started as a credit officer.
Osei Asafo-Adjei holds a Master of Philosophy degree in Agricultural Economics from the University of Glasgow, England, as well as a Bachelor of Science in Agricultural Economics from the Kwame Nkrumah University of Science and Technology.
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