The newly-created Consolidated Bank Ghana Limited (CBG) has disclosed that it will it will close down 98 of its branches.

The Chairman of Parliament’s Finance Committee, Dr Mark Asibey-Yeboah, said this after the committee met with officials of CBG as part of their in-camera hearing into the collapse of banks in the country.

READ ALSO: ‘It'll be senseless to deliberately collapse local banks’ – Akufo-Addo

At the hearing, Dr. Asibey-Yeboah said even though the management of CBG knew which branches it will close down, the actual number of jobs to be lost are yet to be determined.

“We asked the question about the number of jobs they will cut, and they said they are still in the process of rationalising the platform they want to use, and that will determine where they will go. What we had from them was the number of branches they will close down.”

“As of now, they have 191, and they have come to the determination that they will keep 93, but beyond that, we do not have the number of jobs that will be lost," he added.

In one year, the government has revoked the licences of 7 local banks. In rescuing these banks it cost the country GHS8billion of taxpayers’ money.

READ ALSO: If you disobey me, I’ll sack you – Amewu warns energy CEOs

These banks are UT Bank, Capital Bank, uniBank, Sovereign Bank, The Royal Bank, The Beige Bank, and The Construction Bank.

The first two went under in August 2017.

The other became defunct two weeks shy of a year after the first two failed.

UT Bank and Capital Bank were taken over by GCB Bank while the last five were put together by the Bank of Ghana to form the all-new CBG.

It is estimated that about 1,700 staff of CBG will be retrenched.