Staff of 5 collapsed banks given ultimatum to keep their job

Staff of 5 collapsed banks given ultimatum to keep their job

- Workers of the five local banks collapsed by the Bank of Ghana have been given 60 days to justify themselves to warrant employment in the new bank

- Meanwhile the MD of the new Consolidated Bank has asked the staff of all the five banks to remain at their current workplaces

The Managing Director of the newly established Consolidated Bank, Daniel W. Addo has issued a 60-day ultimatum to all staff of the five local banks collapsed.

The letter dated August 1, 2018 also welcomed the staff to the new company, Consolidated Bank Ghana and asked everyone to staff focused for now.

“Dear Employee. CONSOLIDATED BANK GHANA LIMITED We wish to welcome you to the Consolidated Bank Ghana Limited.

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“As you are aware the Bank of Ghana has withdrawn the operating license of your Bank and the Consolidated Bank Ghana Ltd.. has assumed the assets and liabilities of the Bank.

“The purpose of this letter is to inform you that you will be working with the new Bank for a period of 60 days for certain during which time it will be possible for your employment status to be assessed," portions of the letter said.

The BoG on August 1 announced the collapse of the five banks – Unibank, Beige,Construction and Sovereign and Royal banks –after it established that they were highly distressed.

Out of the five banks, UniBank, Royal Bank and Beige Bank were said to be heavily insolvent as their liabilities exceeded their assets.

Sovereign Bank and Construction Bank, on the other hand, obtained their licenses by false pretences, according to Dr Addison.

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They are said to have used suspicious and non-existent capital, which has made it impossible for them to have liquid to operate.

The governor of the Central Bank, Dr. Ernest Addison opined that development is to help ensure that the banking sector maintains a strong indigenous presence.

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Source: Yen.com.gh

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