Consolidated Bank Ghana refutes sale rumours, assures customers of stability

Consolidated Bank Ghana Ltd (CBG) has denied reports circulating on social media claiming that the bank has been sold.

In a press statement, CBG emphasised that there has been no change in ownership and that the government of Ghana remains the sole shareholder.

The bank described the rumours of a sale as "entirely false and misleading," urging the public not to be swayed by such misinformation. 

CBG reassured its customers that there is no reason for concern regarding their deposits or the operational integrity of the bank.

The institution continues to provide exceptional service and innovative products, reinforcing its position as the preferred bank for small and medium enterprises (SMEs).

"We assure our cherished customers that their funds are secure with the bank, and we encourage the public to rely only on official communication channels for accurate information," the statement read. 

The bank's management reiterated its appreciation for the loyalty and trust of its customers, reaffirming its commitment to delivering quality services.

Ministry of Finance

The Ministry of Finance on its part in another press statement said the CBG, as a policy bank, remains critical in government’s strategy of supporting indigenous businesses and the SME sector to spur economic growth.

It said over the past two years, government has taken steps to strengthen the bank’s capital to make it more resilient post the Domestic Debt Exchange Programme (DDEP) under the IMF supported Ghana Financial Sector Strengthening Strategy (GFSSS), as approved by Cabinet. 

The ministry indicated that the 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," it added.

Read the entire statement below;

PRESS STATEMENT

Consolidated Bank Ghana LTD (CBG) wishes to categorically refute social media reports alleging that the Bank has been sold.

There has been no change in the ownership of the Bank and Government of Ghana remains the sole shareholder.

We wish to state that reports of 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 information. communication channels for any

Signed Management.

Attached below is a copy of a statement issued by the Ministry of Finance

GOVERNMENT REFUTES ALLEGATIONS ON THE SALE OF CONSOLIDATED BANK GHANA (CBG)

1. The Ministry of Finance refutes recent social media reports alleging that Consolidated Bank Ghana (CBG) has been sold to a foreign investor. 
   
   
2. We wish to state that CBG has not been sold and these reports are entirely false and misleading. 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. 
   
   
3. CBG, as a policy bank, remains critical in Government’s strategy of supporting indigenous businesses and the SME sector to spur economic growth.
   
   
4. Over the past two years, Government has taken steps to strengthen the bank’s capital to make it more resilient post the Domestic Debt Exchange Program (DDEP) under the IMF supported Ghana Financial Sector Strengthening Strategy (GFSSS), as approved by Cabinet. 
   
   
5. 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.
   
   
6. We urge the public to disregard these misleading reports and rely on official communication channels for any information concerning the bank. 
   
   
7. The Ministry of Finance remains resolute, working with all regulators to ensure the stability of the financial sector.