Consolidated Bank Ghana Limited not sold – Management

The Management of Consolidated Bank Ghana Limited (CBG) says the bank has not been sold, as speculated on some social media outlets.CBC, in a statement, said the Government of Ghana 'remains the sole shareholder' of the Company and there should be no cause for alarm about the Bank's 'operational integrity.'The statement said: 'There has been no change in the ownership of the Bank and the Government of Ghana remains the sole shareholder.'We wish to state that reports of the sale of the Bank are entirely false and misleading.'There is, therefore, no cause for concern regarding customer deposits and the Bank's operational integrity. The Bank continues to deliver exceptional customer service and innovative products.'As the SME Bank of choice, the loyalty and trust placed in us by our customers are highly appreciated.'We assure our cherished customers that their funds are secure with the Bank,' and urge the public to rely on the Bank's official communication channels for any information.'Meanwhile, the Ministry of Finance (MoF) also issued a statement on Wednesday, refuting the sale of the Bank to a foreign investor.'CBG remains solely a state-owned bank after it was converted from a bridge bank into a universal bank and licensed by the Bank of Ghana.''CBG, as a policy bank, remains critical in the Government's strategy of supporting indigenous businesses and the SME sector to spur economic growth,' the Ministry said.It added that the Government had, over the past two years, taken steps to strengthen the Bank's capital to make it 'more resilient post the Domestic Debt Exchange Programme (DDEP).''This support is to prevent the decimation of Indigenous financial institutions and to preserve jobs.'CBG therefore is in a sound financial position, and there is no cause for concern regarding the security of customers' deposits or the bank's operational integrity,' the statement added.The Finance Ministry said it will continue to work with 'all regulators to ensure the stability of the financial sec tor.'Source: Ghana News Agency