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Business News of Thursday, 2 August 2018

Source: 3news.com

Customers of The Royal Bank receive notice of take over

Some customers of The Royal Bank have received notice in the form of text messages to the effect that assets of the bank have been transferred to auditing firm KPMG.

This follows an announcement by Governor of the Bank of Ghana, Dr. Ernest Addison that assets of The Royal Bank and some four other Banks will be taken over by the newly established Consolidated Bank Ghana Limited.

Dr. Ernest Addison made the announcement at a Press Conference in Accra on Wednesday August 1.

According to the Governor, The Royal Bank and uniBank have had to be consolidated because their liabilities exceed their assets.

Assets of three other banks; Beige Bank, Sovereign Bank and Construction Bank have also been handed over to KPMG to form part of the Consolidated Bank Ghana Limited for obtaining their operation licenses falsely.



Less than 24 hours after this announcement, customers of The Royal Bank have been duly been informed about the transfer of assets.

In a text message sent out to customers, management of the bank assured that deposits of the customers will remain safe despite the transfer.

“We wish to assure you that your deposits are, and will remain safe at your existing branches,” a text cited by 3news.com stated.