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‘CBG executing mandate professionally’ – MD touts

Consolidated Bank Ghana (CBG) has assured the financial markets that customers and investors, individual and institutional, are being paid promptly when their deposits and investments mature.

Daniel Addo, Managing Director of the bank,  in a media interview, said the task the bank took on was huge but management and staff have been able to surmount the challenges and regained the confidence of customers.

“It is a huge task but we have executed our mandate professionally and in the best interest of our stakeholders.  Inevitably this has involved balancing competing needs whilst ensuring that no stakeholder group is unduly disadvantaged,” he said.

While admitting that there were initial challenges with customers access to their investments and deposits after the establishment of the bank, he was quick to add that those challenges have been surmounted and that CBG has moved swiftly to draw down on the GH¢7.6 billion bond it was issued with and now has enough liquidity to meet customer requirements.


Daniel Addo

Regaining customer confidence

“Initially, customers were understandably not confident about the changes that had occurred. But within a month when they noticed they had access to their funds with ease and maturities were being settled, customers’ confidence has increased.

Integration and rebranding

Asked about the status of the move to integrate the operational systems of the collapsed banks, Mr Addo said the bank has made considerable progress on the system integration whilst also moving to establish a technology architecture that will deliver a simple secure and differentiated banking experience.

Whiles on integration, he pointed out that the bank has also initiated a project to right size the branch footprint based on its Target Operating Model.

“You will see new branches opened and old ones that do not meet our rigorous standards closed. This will be phased and will be completed by end of 2019,” he said.

Assumption of Heritage and Premium banks

Mr Addo pointed out that the assumption of Heritage and Premium banks have not negatively impacted CBG, rather, it has increased the balance sheet size of the bank, which allows the bank to become one of the biggest in the country.





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