Category: Banking And Finance
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FBN Bank rewards customers in 2nd mini draw
FBN Bank Ghana Limited, one of the universal banks operating in the country, has rewarded 10 of its loyal customers as part of its “Save and win Promo”. The draw, the second in its edition, was held at the Spintex Road, Accra branch of the bank. In a draw supervised by Mr Ekow Nkoom from…
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Republic Bank raises GHS255m to meet capital requirement
Republic Bank (Ghana) Limited has met the Bank of Ghana’s new minimum capital requirements ahead of the set deadline of December 2018. The announcement comes after the Bank successfully completed its Rights Issue to raise an additional GHS 255 million from its Shareholders. The Offer which opened from July 23rd to August 10th, 2018 received…
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Electronic money transfer causes massive drop in cheque usage
The number of bank transactions involving cheques have gradually been reducing over the years. This development has been attributed to the increase in the digitization of payment systems in the country. The use of cheques has been with us for as long as the banking itself. But with the number of payment options available to…
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Kweku Adoboli to be deported from UK
Kweku Adoboli, the former UBS trader who was sentenced to seven years in prison after running up the largest unauthorised trading loss in UK history, is on the verge of being deported to Ghana. The 38-year-old, who caused a $2.3bn trading loss by vastly exceeding his risk limits, has lived in the UK since he…
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Give EOCO unfettered access to Menzgold – Asiedu-Mante
A former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu-Mante has backed the investigations into the operations of Menzgold by the Economic and Organised Crime Office (EOCO). In his view, the probe is necessary if the sanctity of the financial sector is to be upheld. Mr. Asiedu-Mante’s comments come on the back of the…
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Over 370,000 families could be affected by uniBank collapse
The revocation of the license of defunct uniBank could affect the savings of over 370,000 individuals, affecting their families, a report by KPMG has said. According to the document, uniBank’s financial position presents significant systemic risks to Ghana’s financial sector’s stability given the contagion effect it presents. The license of uniBank was recently revoked by…
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uniBank Board approved loans despite BoG’s warning
It has emerged that the board of the now-defunct uniBank, did not follow any of the key good corporate governance rules outlined by the regulator of the financial sector, the Bank of Ghana. Even when the central bank had cautioned the board of uniBank not to advance loans, the board went ahead and granted loans…
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Over-staffing contributed to uniBank’s collapse – Report
A new document sighted by Citi Business News shows that the now defunct uniBank was overstaffed compared to its others in the banking sector, causing a drain on the financials of the company. According to the document, uniBank prior to the revocation of its license had 811 permanent staff, 64 contract staff , 990 outsourced…
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uniBank Board approved loans despite BoG’s warning
It has emerged that the board of the now defunct uniBank, did not follow any of the key good corporate governance rules outlined by the regulator of the financial sector, the Bank of Ghana. Even when the central bank had cautioned the board of uniBank not to advance loans, the board went ahead and granted…
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Nduom blames botched merger on breach of confidentiality
CEO of GN Group of companies, Dr Papa Kwesi Nduom has stated that the reason for pulling out of an initial merger that was supposed to take place between GN Bank, Sahel Sahara and Premium Bank was due to lack of confidentiality from one of the banks. In July, reports stated that the three banks…