Reports circulating on social media allege that Consolidated Bank Ghana Ltd, known in short as CBG, is up for sale. The management of the bank has rejected the claims.
CBG had recently issued a press statement, which perhaps drove this point home very poignantly that indeed, there has not been any change in ownership of the company whatsoever. They further reiterated that the Ghanaian government remains the sole and exclusive shareholder in the enterprise, still continuing to play its major role.
It spoke of the many floating rumors in connection with the sale, which it termed “entirely false and misleading.” The bank said it is incumbent on the public to be very vigilant and not to be misled or lured into believing in such untruths that only serve to create misunderstanding.
In categorical terms, CBG took the lead to assure its valued customers that, as far as depositors and the general integrity of the operation of the bank are concerned, there is absolutely no need for alarm.
They have continued, and still do, offer quality service provision and variety in sophisticated products. Such commitments keep building on the reputation and continually place them to be the bank of choice for the SMEs.
Read the full statement below:
“This is, however, to assure our highly esteemed and valued customers that, indeed, their money is safe and secured with the bank, whereas the general public should depend on official channels for information that is authentic and credible.”.
This is why the management of the bank has re-instituted its special appreciation for the consistent and unwavering loyalty and trust shown by such esteemed customers. In doing so, it renews its unflinching commitment toward qualitative services demanded by such customers.
Ministry of Finance
In its statement, the Ministry of Finance said CBG, as a policy bank, remains critical to government strategy in supporting indigenous businesses, including SMEs. Partly, this fact was brought out when the Ministry of Finance in another statement indicated that, by virtue of being a policy bank, the CBG remains very critical to government strategy for supporting indigenous businesses, including the SME sector, in the course of strategies aimed at rejigging economic growth.
This is coming hand in hand with a statement that the government has taken key strategic actions over the last two years to buttress bank capital, while “it continues to strengthen its shock absorber capability following the DDEP operated under the IMF-supported GFSSS, which has received Cabinet approval and further reiterates Government’s commitment to ensuring the stability and strength of the financial system”.
The ministry has moved further to make it clear, even publicly, that this support has a dual purpose: it is aimed at preventing the decimation of indigenous financial institutions important to the community and at sustaining employment opportunities relevant to the livelihood of many.
A release issued yesterday by the bank said, “CBG is, therefore, in a strong and stable financial position at the moment, and there is, therefore, absolutely no cause for apprehension or alarm over the safety and security of the customers’ deposits held by the bank, let alone a question about the institution’s overall operational integrity.
CBG stands for Consolidated Bank Ghana LTD. This, therefore, is to categorically and emphatically deny recent reports being carried on social media that the Bank has been sold to another entity.
This means that no change whatsoever has occurred in the ownership status of the Bank; therefore, it still remains a single and exclusive shareholder, which is the Government of Ghana.
We wish to emphasize with all vigor and emphasis regarding the Bank that reports about its sale are false and baseless.
In this respect, there is literally no reason to have any apprehension or concern with regard to customer deposits and the general validity of the Bank’s activities.
The Bank continues to deliver superior customer service and innovative products, making it the SME Bank of first preference for the loyalty and trust placed by our customers in us.
We reassure our esteemed customers that their money is safe with the bank and call on the general public to rely only on the bank’s official information communication channels for any.
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Signed Management.
Attached herein is a copy of the Press Release from the Ministry of Finance.
GOVERNMENT DENIES RUMOURS OF THE SALE OF CONSOLIDATED BANK GHANA (CBG)
The Ministry of Finance has categorically denied reports circulating on social media platforms that supposedly indicate CBG, otherwise known as Consolidated Bank Ghana, being sold to a foreign investor.
We would like to make it loud and clear that CBG has not been sold, and the reports are absolutely unfounded and baseless.
This makes CBG still the only bank in full state ownership following the conversion of the institution from a bridge bank to a full universal bank and which has just received an operational license from the Bank of Ghana. CBG is, in a way, at the fulcrum of government strategy to support indigenous business and the SME sector in driving economic growth.
Indeed, the Government, over the past two years, has been assiduously following through a package of broad-based capital-strengthening actions vis-à-vis the standing of the bank in a bid to ensure that, by the end of the roll-out of the DDEP, it would be substantially stronger. Again, this has fallen within the large scope of the comprehensive programme sponsored by the IMF under the Ghana Financial Sector Strengthening Strategy (GFSSS), which obtained Cabinet approval.
This support is, therefore, geared toward forestalling mass destruction and depletion of the local financial institution, importantly to protect and preserve jobs for the people. In that view, CBG stands in a very strong position of good and strong finances at present, and absolutely nothing should raise eyebrows regarding the security and safety of the deposits of customers or, in general, the operability of the bank itself.
We, however, appeal to the public not to take any credence from such reports and ensure that with respect to any matter they may want clarification on, they approach official communication channels of the bank. The Ministry of Finance is not shaken and is taking care that the entire financial system remains sound and safe, as are all regulators
