Largest indigenous bank GCB bank has dismissed reports that the bank’s board has been approving several huge loans without the requisite collateral needed.
Reports making the rounds in some section of the media have it that, the Board led by Daniel Owiredu together with two other officials from the bank, the Credit/ Risk Manager Sam Aquah and George Fuachie, Head of Corporate have been giving out ‘uncollateralized’ loans to cronies, thereby putting the bank’s finances in awkward positions.
But a press statement from the bank copied to Citi Business News on the matter said ‘the allegations were false and malicious and should be treated with contempt’.
According to the bank it has in place stringent procedures that clients must go through, before they are granted loans.
‘it should be noted that GCB has the most stringent rules and procedures in the banking industry for the granting of the loans and under the leadership of its Board Chairman the bank has continued on its growth path and put in place robust risk management systems’.
By: Vivian Kai Lokko/citibusinessnews.com/Ghana