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Consolidated Bank: Director for Construction bank wraps up work

consolidated bank

One of the Directors under the newly Consolidated bank in charge of the erstwhile Construction Bank, Abenaa Kesewaa Brown is hopeful of completing her work by next month [September].

The transitional role involves assessing the defunct bank’s books, staff strength and other expenditure which will inform further decisions for the consolidation.

The Construction bank announced the dissolution of its operations in July 2018.

It notified its staff and customers of the move which it said will ultimately require the Bank of Ghana’s approval.

Ms. Kesewaa Brown tells Citi Business News her role should help complete the winding down processes.

“We are just going in there to ensure that we get the right numbers and then work with the shareholders and then bring the dissolution to a successful end. The thing that people should note is that you can dissolve your organization but because this is a bank, the Bank of Ghana needs to give you permission to do that.”

The Construction bank which is about a year into its operations, is also among four others that have been merged into a new entity.

The other four are; Unibank, Sovereign bank, The Royal bank and the Beige Bank.

The central bank argued that the banks have not been able to demonstrate strong capital strength to sustain their operations.

It also cited two of the banks for obtaining their licenses under false pretences.

Ms Kesewaa Brown admits that the work at Construction bank may not be enormous considering the size of the bank.

She however tells Citi Business News her work should be completed within a month’s time.

This she says should facilitate other transitional works being done on the other banks under the Consolidated bank.

“So this is what we are doing right now and hopefully we should be able to complete that soon,”

“It is a new bank with only one branch so we have no much activity going on there so we are hoping that within a month we should complete the processes,” she added.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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