Databank denies dealing in gold amid Menzgold fallouts

Databank denies dealing in gold amid Menzgold fallouts

Databank Financial Services has denied claims that it has started dealing in gold collectibles following the collapse of Menzgold Ghana Limited.

According to Data Bank, it is not dealing in gold collectibles and does not intend going into such business in the future.

Databank denies dealing in gold amid Menzgold fallouts

Gold. Source: Livemint.com
Source: Getty Images

In a statement signed by Databank Chief Marketing Officer, Gillian Hammah, the bank remains focused on its investment operations which include selling shares, treasury bills and bonds, as well as managing mutual funds, pensions and institutional funds.

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“It has come to our attention that pronouncements have been recently made in the press claiming that Databank is dealing in gold collectibles".

“We would like to assure our customers and the Ghanaian public that this claim is FALSE. We are not licensed to deal in gold collectibles, have never done so, and do not intend to deal in gold collectibles”, the statement clarified.

“Databank is a professional investment bank that is licensed by the Securities and Exchange Commission, Ghana (SEC) to sell shares, treasury bills and bonds, as well as manage mutual funds, pension and institutional funds"

“We remain committed to our core mandate of managing the funds of our investors in prudent ways that are sustainable over the long term, as well as providing ¬financial education to all Ghanaians"

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“We want to assure all clients and the general public that we have not and will not engage in any practices that compromise our commitment.”

Databank which was founded in April 1990, seeks to empower its customers to achieve financial independence by providing financial education and offering a diverse range of investment products.

Investors can access fixed-income investments (including treasury bills), trade shares listed on the Ghana Stock Exchange and enjoy corporate governance advisory services through their brokerage wing.

Through their asset management wing, investors can access mutual funds such as Epack, MFund, BFund, ArkFund and EdIFund, institutional fund management for corporate, benefit and endowment funds, pension fund management and private wealth management services.

Databank is headquartered in Accra and has branches in Ho, Koforidua, Kumasi, Takoradi, Tamale, Tema and Sunyani.

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