Consolidated Bank to close down 98 branches

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Management of the bank has decided to close down as many branches following an initial assessment.

The Consolidated Bank was created as a result of the Bank of Ghana’s decision to liquidate and merge five struggling indigenous banks.

The failed local banks are uniBank, Royal Bank, Beige Bank, Sovereign Bank and Construction Bank.

Having taken over the assets and liabilities of the five collapsed indigenous banks, the Consolidated Bank had a total of 191 branches across the country.

However, management has now decided to close 98 branches and keep only 93 branches inherited from the collapsed banks.

This was revealed by Chairman of the Finance Committee of Parliament, Dr. Mark Asibey-Yeboah, following an in-camera session with officials of the bank.

According to him, management of the Consolidated Bank is yet to decide how many workers will be laid off following the closure of the 98 branches.

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“We asked the question about the number of jobs they will cut, and they said they are still in the process of rationalizing 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,” Dr. Asibey-Yeboah told the media.

He added that the Finance Committee of Parliament is working to ensure that the severance package for the dismissed workers of defunct UT and Capital Banks is duly paid.

He said the committee will “engage with the Bank of Ghana so that some of these will be fast-tracked” for the 1200 people who lost their jobs as a result of the BoG’s takeover of the two banks.