Consolidated Bank Ghana to close down 98 branches

Consolidated Bank Ghana (CBG), which was created out of the five collapsed indigenous banks, namely uniBank, Royal Bank, Beige, Sovereign and Construction Bank, is set to close down 98 branches.

Altogether, the defunct banks had 191 branches. But after an initial assessment, management of CBG has decided to keep only 93 branches inherited from the collapsed banks.

Briefing the media after the in-camera session with officials of the bank, the Chairman of the Finance Committee of Parliament, Dr. Mark Asibey-Yeboah, stated that the Bank told the committee that they had not yet arrived at the numbers in terms of possible job losses.

“We asked the question about the number of jobs they will cut, and they said they are still in the process of rationalizing the platform they want to use and that will determine where they will go. What we had from them was the number of branches they will close down. As of now, they have 191, and they have come to the determination that they will keep 93, but beyond that we do not have the number of jobs that will be lost. “

‘Severance package intervention’

Meanwhile, the Finance Committee is set to intervene in matters relating to the payment of severance package for the dismissed workers of the defunct UT and Capital Banks.

In a purchase and assumption transaction, the Bank of Ghana caused the takeover of the two banks by GCB bank a year ago.

This resulted in the loss of some 1,200 jobs, and the affected former workers have still not received their severance packages more than a year after the collapse of the two banks.

Speaking to the media after a session with the receivers, Price  Waterhouse Coopers and KPMG, Chairman of the Finance Committee, Dr. Mark Asibey-Yeboah, indicated that they have requested for the  processes to be fast-tracked for the former workers to get their packages.

“Those who work with these banks wanted to know when former UT Bank workers will get their severance packages. As a matter of  fact, they gave us details on how they have arrived at packages they are going to pay them, and if you go into the law, it will take some more time before these severance packages will be paid, but we have the opportunity to engage with the Bank of Ghana so that some of these will be fast-tracked. It has been a year since these workers were laid off, and I think it is about time that those severance packages are given them.”

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By: Duke Mensah Opoku/citinewsroom.com/Ghana

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