You are here: HomeBusiness2018 08 31Article 681209

Business News of Friday, 31 August 2018


Exit plan for Consolidated Bank staff

Consolidated Bank Ghana Limited (CBG) has established an integration roadmap to cut its branch network and workforce.

Daniel Wilson Addo, Chief Executive Officer (CEO), Consolidated Bank Ghana, who made this known in a statement issued in Accra, said “whilst this may involve some reduction in headcount, management is taking steps to ensure that this does not impose undue hardship on its staff.”

He explained that the exercise formed part of efforts to implement the Purchase and Assumption Transaction it undertook following the recent collapse of some five banks.

He said a core part of the integration and rationalization exercise was career training programmes for all staff who might exit the bank as a result.

“CBG is also finalizing a plan for affected staff to transition to other economic models which will enable them provide essential outsourced services to the bank where appropriate.

“CBG is an indigenous bank with a strong balance sheet, well-positioned to protect the best interests of our depositors and staff. We look forward to an enduring partnership with all our stakeholders and to building an entity that will transcend this generation.”


About 1,700 employees of the newly established entity are expected to lose their jobs by the end of September this year.

They include 700 constituted mobile bankers of the erstwhile Beige Bank, 1,000 former employees of the Royal Bank, the Construction Bank, uniBank and the Sovereign Bank, who were transferred to the CBG under a Purchase and Assumption (P&A) agreement approved by the Bank of Ghana (BoG) on August 1.

The bank’s total outlets are also expected to reduce to about 120 from the current 191 to make the bank resourceful and nimble.