Business

Bank of Ghana revokes License of Premium Bank and Heritage Bank

The Bank of Ghana has revoked the licenses of the Heritage Bank Ghana Limited and Premium Bank Ghana Limited.

The central bank has also approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to take over the liabilities and selected assets of these banks.

This was made known by the Governor of the central bank Dr Ernest Addison on Friday, January 4, 2019.

According to Dr Addison, Premium Bank was found to be insolvent; with a capital adequacy ratio of -125.2%.

He also added that Heritage Bank obtained its license with “questionable sources of capital.”

The renowned economist noted that the move has become necessary after both banks failed to meet the deadline given to banks to recapitalize a minimum amount of GH¢400 million.

In 2018, five (5) banks also had licenses revoked and merged as Consolidated Bank Ghana Limited.

The recapitalization drive now brings the number of banks in Ghana to 23.

Source: PlugTimes.com

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