GN Bank
After being forced to downgrade his bank to a ‘savings and loans’ company, Dr Papa Kwesi Nduom has lost the battle completely as the Bank of Ghana has announced his company’s licence has been revoked.
GN Savings and Loan Company, which came out of GN Bank, has been revealed as one of two dozen savings and loans companies closed down by the Bank of Ghana.
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The crackdown was announced in a statement released today.
According to the BOG, the closure of these companies has become necessary due to their inability to remain solvent.
Other affected savings and loans companies include Ideal Finance, First Allied Savings and Loans, ASN Financial Services and Midland Savings and Loans.
“These actions were taken pursuant to Section 123 (1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which requires the Bank of Ghana to revoke the licence of a Bank or Specialised Deposit-Taking Institution (SDI) where the Bank of Ghana determines that the institution is insolvent,” the statement read, in part.
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Check out the list of affected institutions below…
Source: GhanaCelebrities.Com
This post was published on August 16, 2019 5:25 PM
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