- GN Bank has assured its customers that their funds with it were safe
- This assurance comes after the bank was downgraded to a savings and loans company
- A release from the company has also assured that it would be in business in “2019 and beyond”
The GN Bank has released an official statement after it was downgraded to a savings and loans company recently.
The bank could not meet the required capital to continue operation as a bank, hence the downgrade by the Bank of Ghana.
In a release sighted by YEN.com.gh on social media, the head of GN Corporate Affairs, Frank Owusu-Ofori, has assured clients that their monies with the bank was safe.
Explaining the reason behind being downgraded, Owusu-Ofori said the bank decided to operate as a savings and loans company in order for it to require the maximum liquidation to sustain the business instead of looking for additional money to run a universal bank, which he indicated, came at extra efforts.
“This means that as a licensed deposit taking institution, customer funds remain safe with us. The decision allows us to concentrate on ensuring maximum liquidity to sustain the business, instead of raising funds for additional capital as a universal bank,” the release said.
He added that before obtaining the license to operate as a bank, the company used to work as a savings and loans firm, therefore, with its current downgrade, it was more than capable to ensure smooth business again.
“We operated in the recent past successfully as a Savings and Loan Company for eight years, so we can assure our customers that with our attention back to managing the business, instead of combing the world for additional capital, we are poised to deliver products and services beyond excellence,” the release added.
However, it was tight-lipped on when and how customers were going to get back the monies they had deposited.
Earlier, YEN.com.gh reported the reason behind Ndoum’s woes which have reflected in GN Bank and Gold Coast Securities.
According to information gathered by YEN, Gold Coast Securities invested a sum of GH₵2 billion cedis in a government’s project.
A highly-placed source at the company revealed that the government had still not paid back on the investment making operations tight for Gold Coast Securities.
Angry clients had earlier stormed Ndoum’s hotel to demand their cash, but all to no avail.
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