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Business News of Wednesday, 3 October 2018


Stop the panic withdrawals; I get sleepless nights – Nduom to customers

Dr Papa Kwesi Nduom, Chairman of Groupe Nduom play videoDr Papa Kwesi Nduom, Chairman of Groupe Nduom

President of Groupe Nduom, Dr. Papa Kwesi Nduom embarked on a national “Stop the panic withdrawals and strengthen our indigenous banks’’ tour with a team of bank officials to encourage the customers of GN Banks to put a halt to their withdrawals.

He pleaded with the public to exercise patience, as the past three to four weeks have been horrendous for him. According to Dr. Nduom, he gets sleepless nights anytime reports get to him about customers withdrawing their monies.

“People purport that our customers should withdraw their monies from the banks some of us Ghanaians have established with immediate effect with reason that their monies might get missing.

"If about 100 people have their deposits with us and 50 of them decide to make a panic withdrawal, I cannot give them back their monies because I’ve given it out to someone else to work with.

"So those making panic withdrawals please stop, not only does it collapse the banks, but someone else’s business as well plus you wouldn’t get the interest you’re entitled to.

"I’m pleading with you, that GN Bank is working with your deposits to help develop the nation…I’m very serious about this, because anytime they tell me about the panic withdrawals I get sleepless nights. Let’s all help ourselves and develop our own,” Dr Nduom said.

Since the collapse of seven indigenous banks, there have been lots of speculations that other local banks will follow suit. As a result thousands have begun flocking the banking halls out of panic and fear that they may lose their monies.

He also pleaded with the customers not to be bothered because he invested a lot in the setting up of the bank and as such he should be worried not the customers.

“If Bank of Ghana wants to close someone’s door, you’ll see it. It has also said if it’s to close down the bank, your money is still safe...

"Is the money you deposited at Beige Bank missing? There’s no need to worry. I am to be worried and conscious because if Bank of Ghana is to shut down my banks, all the money I invested into it is gone. I beg of you not to worry,” he stated.

Speaking to the media at the Abossey Okai GN Bank branch, Dr Nduom hinted that they are open to merging with other banks if the need be or when other banks show interest.

“Mergers are normal things so when all this stuff came, different banks approached us and we talked but as for the talking it will continue because what you want in the end is a stronger Ghanaian bank so if in the end some directors, shareholders would agree that let join forces not just because you want to reach GHC400m but to build a stronger Ghanaian bank then of course we will do it.” He said.

In sensitizing the customers, Wednesday, 3rd October, Dr Nduom and the team made stops at Abbosey Okai, Agbobloshie and Makola branches where GN Bank has thousands of customers.

President of Groupe Nduom advised shareholders, directors and employees of indigenous banks to endeavour to correct all problems pointed out to them by the regulator, Bank of Ghana and ensure they implement good governance practices.

He used the opportunity to thank the customers who have remained loyal and kept their monies with the indigenous banks and added that GN Bank is welcoming any customer interested in having shares with the bank.

Furthermore, he assured Ghanaians that by the end of 2018, GN Bank will complete the payment of GHC400 million capital requirement.

“About the Ghc400m, when we decided to establish the bank, Bank of Ghana asked us to make a startup deposit of 120m, which we made. Again, they gave us to the end of this year to complete payment. And I can assure you that by the end of this year, GN bank would have completed the payment of the Ghc400m. I won’t let my investments go waste. Our hard work will not be in vain so I assure you that by the end of 2018, we’d get what we deserve,” Nduom noted.