GN Bank to revive operations as CEO Dr. Nduom seeks to retrieve banking license

GN Bank to revive operations as CEO Dr. Nduom seeks to retrieve banking license

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Groupe Ndoum(GN) has initiated steps to recover its banking license in a bid to revive operations across the country.

At a gathering addressed by Dr. Paa Kwesi Nduom, Chief Executive Officer for the Bank, at the former branches of the defunct bank in Brewa and Agona, all in the Central Region, he assured the residents that the bank would reopen operations soon.

“I am here to assure you all that sooner or later the bank will begin operations for you all. We are currently taking steps to access our license from the Bank of Ghana. We are the bank for the people, so we will do everything in our power to commence operations for you people, he said.

The Bank of Ghana on August 16, 2019 revoked the licence of 23 savings and loans companies and finance companies.

One of the savings and loans companies was GN Savings and Loans.

The Central Bank took the decision pursuant to Section 123(1) of the banks and specialised deposit-taking institutions.

The Act mandates the central bank to revoke the licence of a bank or specialised deposit-taking institution if it determines that the institution is insolvent.

However, the bank’s decision, according to Dr.

Nduom, in an address to residents of the communities he visited, was unjust.

He said that the government’s indebtedness to the bank through locked-up funds from contractors occasioned the bank’s insolvency.

Source: GNA

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