GN Bank on right course, cannot collapse - CEO

Indigenous private banking institution, GN Bank, is on the right course and is not likely to face closure or any takeover like some banks have in recent times since it has satisfied all requisite conditions set by the Bank of Ghana, Chief Executive Officer of GN Bank, Issah Adam has said.

Mr. Adam, speaking to www.ghanaweb downplayed the possibility of any takeover by the central bank, affirming that GN Bank is not on the radar of the Bank of Ghana.

“We are not one of those banks that are on the radar of Bank of Ghana. Currently we have not had any issues with them All those banks that are affected were invited to bank of Ghana for discussions on what to do to improve their situation. We have not been invited for any such meeting”, Issah asserted.

He added that the capital adequacy ratio of GN Bank coupled with the loyalty of customers have ensured that the bank meets the minimum capital requirement set by the Bank of Ghana.

“Our liquidity is solid. Customers have no problem. Anytime they need their money, they can get it anywhere in this country. Our capital adequacy ratio is good. Above all, our shareholders are bringing in the money that we require in order to make the minimum capital”, he stated.

The Bank of Ghana (BoG) took over the management of uniBank Ghana Limited, an indigenous lender after it declared it insolvent in the latter part of March this year.

It can be recalled that in August 2017, the central bank revoked the licences of UT and Capital Banks after it discovered that the liabilities of the two banks overwhelmed their assets. The two banks were subsequently handed over to GCB Bank. Unibank in recent times has also been taken over by the Bank of Ghana after it failed to meet several requirements set by the bank.