Consolidated Bank blocks withdrawals from defunct Beige Bank accounts

Consolidated Bank blocks withdrawals from defunct Beige Bank accounts

- The newly-established Consolidated Bank Ghana (CGB) has blocked the fixed deposit accounts of customers of the defunct Beige Bank

- The directive from the CGB means clients of the defunct bank can no longer make withdrawals from the fixed deposit accounts

Customers of the defunct Beige Bank with fixed deposits are currently unable to withdraw the monies following a decision to temporarily block withdrawals.

The Beige Bank was collapsed by the Central Bank after it was found that the institution used fictitious and non-existent capital to obtain its licenses.

The Beige Bank was among five other indigenous banks that were merged by the Central Bank a week ago to form the Consolidated Bank of Ghana Ltd.

Consolidated Bank blocks withdrawals from defunct Beige Bank accounts

Mike Nyinaku was the founder of the microfinance company that grew into The BEIGE Bank. Source: Graphiconline.com

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The others are Sovereign Bank, Royal Bank, Construction Bank and uniBank.

The assets and liabilities of the collapsed banks have since been taken over by the Consolidated bank.

The Bank of Ghana explained that the five banks were merged in order to “ensure that the banking sector maintains a strong indigenous presence”.

Just a week into its operation, the Consolidated Bank has said it has detected some accounting anomalies between Beige Bank and its other related company Beige Capital Assets Management.

According to the CEO of Consolidated Bank, Daniel Addo, it will take 10 days to resolve the problem.

Consolidated Bank blocks withdrawals from defunct Beige Bank accounts

The Consolidated Bank Ghana was established after the Bank of Ghana merged Beige Bank and other four struggling banks in August 2018. Source: CBG

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The Consolidated Bank has subsequently decided to block withdrawals of fixed deposits.

In a statement, Mr. Addo said in that period, customers with fixed deposits at the bank will not be able to make withdrawals until the problem resolved.

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Source: Yen.com.gh

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