MONROVIA; Pursuant to its regulation reference no. (BG/GOV/SEC/2017/19) on the Minimum Capital Requirement, the Central Bank of Ghana on Friday, 3rd January 2019 announced that it has approved the grant of a Savings and Loans Company license to GN Bank Ghana Limited.
According to a press statement issued by the Management of GN Bank Liberia, the decision to obtain a Savings and Loans license was one that was conscientiously taken by the Board of Directors and Shareholders of GN Bank Ghana for strategic reasons.
This decision was not forced on GN Bank Ghana Limited, the release adds.
It details following that announcement, the Management of GN Bank Liberia Limited has become aware of the apprehensions and uneasiness of some of its cherished Customers.
“We also note in particular, the efforts by some News Media Houses who may want to use the news coming out of Ghana to give negative publicity to GN Bank Liberia Limited.”
Consequently, the Management of GN Bank Liberia wishes to inform its Cherished Customers and the public that:
- GN Bank Liberia Limited is NOT a SUBSIDIARY of GN Bank Ghana and therefore the decisions taken in Ghana have no implications on the Liberia Bank.
- GN Bank Liberia Limited is licensed and regulated by the Central Bank of Liberia not the Bank of Ghana.
- GN Bank Liberia Limited is very well capitalized and meets very well the capital adequacy requirements in Liberia.
- GN Bank Liberia Limited has a strong Liquidity position, is Viable and Profitable.
- GN Bank Liberia Limited plans to be in Liberia into the foreseeable future and will continue to introduce innovative products and services to serve its cherished Customers and the Liberia people better.
With its Branch network of 300 branches and it current capital position of slightly over GHC 200 million (US$41 million) dollars, GN Bank Ghana (Now a Savings and Loan Company) is still bigger than any Bank in Liberia.
GN Bank clarification comes in the wake of recent action by the Bank of Ghana (BoG), to approve a downgrade of GN Bank Ghana to a Savings and Loans company. By this, GN has lost its banking license. The Bank of Ghana made the announcement on Friday, January 4, 2019.