hmmmmmm banks will resell the tbills as secondary bonds cheating investors of their hard earned money especially stand chart
hmmmmmm banks will resell the tbills as secondary bonds cheating investors of their hard earned money especially stand chart
Agbozo 7 years ago
Mr Ford,where is the 250 million dollars you gave the Nigerians? You are d one collapsing Ghanaian banks.Fiafitor,Adzogli.
Mr Ford,where is the 250 million dollars you gave the Nigerians? You are d one collapsing Ghanaian banks.Fiafitor,Adzogli.
Underwriter 7 years ago
Could the reporter name the 15 banks since this is a key fact to his article but not a sales pitch for the banks.
Could the reporter name the 15 banks since this is a key fact to his article but not a sales pitch for the banks.
KWAME 7 years ago
FBNBank does not qualify to be included in the list of banks because of their human rights records. Read thhe following:
HAS FBNBANK GHANA OFFLOADED PART OF HOLDING TO GHANAIANS?
As part of granting the Banking Operation Li ... read full comment
FBNBank does not qualify to be included in the list of banks because of their human rights records. Read thhe following:
HAS FBNBANK GHANA OFFLOADED PART OF HOLDING TO GHANAIANS?
As part of granting the Banking Operation License to FBNBank Ghana, the parent bank was supposed to offload part of their holdings to the Ghanaian people after a year’s operation. The Regulator which approved the license was to ensure it but I have my doubt if the Bank of Ghana has done that. We are all waiting for something to happen then the Central Bank will come out with flimsy explanations to defend itself.
The operation of FBNBank should be looked at closely in the light of the way they treated some section of their staffs by sending them home without paying the right compensation thereby reporting questionable profits in 2014 and 2015 which will eventually be transferred to their parent company. There is an element of capital flight when it happens. The profits for these years have been overstated by understating their expenditures.
The Central Bank is contemplating increasing the minimum capital for commercial banks because of the high Non Performing Loans on their books. The economy has facilitated this state of affairs which is a real issue of concern. The Central Bank should be concerned much about the foreign banks. Most of the banks if not all from our West African neighbor, Nigeria had to relocate because of the high minimum capital demanded by their central bank. They are making good returns on their investments in their newly found destination. It is therefore not out of place to increase the minimum capital for the offshore banks.
The provision for bad and doubtful debts is sometimes understated to report high profits. The consequence of this can result in capital flight when the reported profits are eventually transferred outside. What happens when the bank goes down as a result of suppressed provisions? The owners who may be foreigners would have recouped their investments through the earlier over bloated profits which have been transferred.
Discussing this in the context of FBNBank Ghana, it is important the Central Bank ensures the portion of shares they are to offload to Ghanaians are done as soon as possible. If we allow the current shareholders to make all the good profits now without allowing others to share in it will not be beneficial eventually. Today as we speak, they have declared profits which are not genuinely made by under stating their expenses in the payment of resettlement amount to section of the staffs in 2014 and 2015. In the event that the court passes judgment in which the bank is ordered to do the right thing, these extra expenses will go into that year’s accounts, a period Ghanaians would have taken shares in the bank.
Provisions may be made for legal expenses once the bank is in court but provisions may not be made for the full resettlement package which they deliberately refused to pay to the affected staffs. The bank was out to cheat its own staffs to make profit for their parent bank. Once this action benefitted the shareholders and the board, they may drag their feet when judgment is passed and the bank is ordered to go through the right process provided by the Labor Act. We expect the courts to order that the remedies are carried out as quickly as possible because justice delayed is justice denied. Many families have been negatively affected by this dastard act. The blood of these staffs and their families are on this bank.
One needs to recall a time in our history, around the nineties when Valco staffs took their management and the company to court on a similar issue. This matter dragged on for a long time but was eventually determined in favour of the staffs. By the time the compensation was paid many of the staffs have passed away out of financial hardship and frustrations. I am appealing to the Trial Judge in the case involving the staffs of FBNBank to expedite judgment so that this sad spectacle is not repeated in our history.
This bank has been in existence for more than 120 years but its operation for most part of these years has been in Nigeria. It has enjoyed so much monopoly and we have been told it has produced some of the Central Bank Governors in Nigeria. Their first operation outside their home country was when it decided to acquire ICB around 2013 in Ghana and other subsidiaries in other West African countries. This happened at the time other banks from the same jurisdiction like Zenith bank, Amalgamated bank, Access Bank, UBA have ventured into Ghana. Their operation in Ghana, less than two years have been saddled with bad publicity. It only speaks to the questionable business ethics being practiced.
KWAME 7 years ago
FBNBank should not be allowed to participate in any serious event in the industry because of dubious operations. Read the following discussion:
THE CASE OF DISCRIMINATION IN A CORPORATE ENTITY: FBNBANK GHANA EXAMPLE
It is i ... read full comment
FBNBank should not be allowed to participate in any serious event in the industry because of dubious operations. Read the following discussion:
THE CASE OF DISCRIMINATION IN A CORPORATE ENTITY: FBNBANK GHANA EXAMPLE
It is important for us to continue praying to God to always provide us with leaders who are God fearing and incorruptible to enable us enjoy the best that God intends for us as citizens. I say this in the instance where leaders and managers have caused lots of hardship and dislocations to peoples’ dreams and aspirations because of bad management style.
Having stated the above I want to discuss some unfortunate developments in FBNBank Ghana Ltd in 2014 and 2015. A bank like GCB was incorporated more than four decades ago. Should the management decide to disengage staff of 50 years of age they will have large numbers to contend with.
The fact has been that GCB has indeed disengaged some employees in the past and these were reasonably resettled without any agitation. But the same cannot be said of FBNBank Ghana which acquired ICB, a bank which is less than twenty years after being incorporated? The question is how many people in FBNBank would have attained the age of 50 years and above in 2014? Other banks like SCB and Barclays have also undertaken similar exercise in the past without any problem.
The disengagement of the employees by FBNBank Ghana was executed under some mystery because of the bad intentions of the CEO and the Head of HR (Michael Tetteh Voetagbe). The terms of qualification were never discussed by management with the staff. The CEO and HHR had some specific staffs in mind so the exercise was forced on them without allowing them to apply. These employees were at that point not psychologically prepared to leave for home. To confirm that the exercise was saddled with discrimination a staff who qualified under the terms approved by the Board was not granted the exit by management. This staff later resigned at the intimidation of the CEO and CRO without being paid any benefit after many years of dedicated service. The Board’s decision was not adhered to, instead these two managers decided to adopt their own approach. The long and short of the action by management was to short-change the staffs who exited and also avoided payment to the staff whose exit request was not approved. This single action actually improved the bottom line of the Bank in 2014 and 2015 to project management as having performed well and to also provide grounds to reward the CEO personally as part of his term of appointment.
The management style of the CEO was very repulsive and many employees would have taken advantage of the disengagement exercise if management had not adopted the discredited approach they adopted. Knowing this was the situation, management decided to do ‘’chose and pick’’ and a staff who applied for the package was disallowed even though he qualified. This action of management tells much about the ethics of the Bank. It is amazing to have a bank operating barely a year on the soil of Ghana and will do such an abominable thing to their critical assets. Does this not raise eye brow on the Bank’s relationship with their customers?
The sad aspect of all these was that this category of staff has served this bank over the years and at the stage of their lives may not get employed by any formal organization. Taking this into consideration, one will expect management will adequately resettle the affected staff to continue to take good care of their families after their disengagement if management has any appreciation to show at all. Unfortunately for the affected staff they have to resort to the court to seek justice and fairness having realized they have been given a raw deal. This is being done at a cost from the small resettlement package given to them. All these have come as a result of the wickedness of the CEO and the unprofessional and sycophantic behaviour of Head of HR.
The result of the repulsive management style of the CEO and the unprofessional handling of this exercise has necessitated his recall to the Group office in Nigeria. For the Head of Human Resource the little said about him the better. This was a man with Access Bank Ghana and was sidelined due to his unprofessional approach to work. Prior to him joining ICB the bank has been doing well, creating value for the shareholders. It was these staff who worked hard to keep the bank in the state he found it attractive to join. He decided to allow himself to be used by the CEO to perpetuate his parochial interest because he has benefitted from a Hyundai Sante Fe car as his duty vehicle. One was expecting him to bring to bear his professional advice to management when even the Board has advised the exercise be carried out in the best interest of the staff and the Bank. His actions have caused lots of pain to employees whom he should have used his position to protect and served in line with professional training. It suffice to believe that the HHR do not understand why all those monies should be paid to the staff whiles he will get none of those. The question one will ask is were the staffs who decided to leave?
It is important for the HHR to know the Laws of our country have adequately provided for employer/employee relationships like staff disengagements. As a professional he should make the effort to apprise himself of these laws and advise appropriately in the event that he is confronted with similar situation in future. And again he should not play to the dictate of anybody, be it his superior or colleague but rather be a professional he is engaged for. He is a disappointment for his conduct because he has served as a point of discomfort and pain to his former staffs who have worked hard to keep the bank in operation.
The new CEO and the CRO who have taken over should be careful with the backbiting and sycophancy which brought down their predecessors. Some of the staffs believed they can win the hearts of their Nigerian bosses and get promotion through these negative attitudes. Instead of getting recognition through hard work some of the staffs have resorted to this negative attitude. The animosity shown by the previous CEO and CRO was caused by backbiting. If you could not backbite or play sycophancy forget about any appreciation.
hmmmmmm banks will resell the tbills as secondary bonds cheating investors of their hard earned money especially stand chart
Mr Ford,where is the 250 million dollars you gave the Nigerians? You are d one collapsing Ghanaian banks.Fiafitor,Adzogli.
Could the reporter name the 15 banks since this is a key fact to his article but not a sales pitch for the banks.
FBNBank does not qualify to be included in the list of banks because of their human rights records. Read thhe following:
HAS FBNBANK GHANA OFFLOADED PART OF HOLDING TO GHANAIANS?
As part of granting the Banking Operation Li ...
read full comment
FBNBank should not be allowed to participate in any serious event in the industry because of dubious operations. Read the following discussion:
THE CASE OF DISCRIMINATION IN A CORPORATE ENTITY: FBNBANK GHANA EXAMPLE
It is i ...
read full comment