Banking & Finance

Heritage bank to commence operations in February

Heritage bank, one of the new banks which recently got the green light from the Bank of Ghana(BoG) to operate as a commercial bank in Ghana is to begin full operations in February this year. The bank which is a wholly-owned Ghanaian bank, got the nod from the BoG to commence business operations as a universal Bank in the last ...

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Number of banks in Ghana to hit 37

Despite calls for banks to merge in order to build their capacity, Business News has gathered that four more banks have applied to the Bank of Ghana(BoG) awaiting approval from the central bank to commence operations. Out of the four, two are new banks applying to operate in the country, while the remaining two are Savings and Loans companies. If ...

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BEIGE acquires Universal Pensions

Beige

The BEIGE Group, a Financial Services Provider, has acquired Universal Pensions Master Trust (UPMT), a licensed corporate trustee. This brings to two the number of corporate trustees that have been acquired by TBG in the last 18 months. TBG’s first acquisition of a corporate trustee firm was in 2014 and the acquiree firm was Legacy Pension Trust (LPT). These transactions ...

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Stanbic Bank denies negligence in recent fraud scandal

Stanbic bank

Stanbic Bank has denied assertions that negligence on its part could have contributed to the recent fraud scandal involving a female staff. A sales officer, Martha Amakye allegedly duped about 70 customers to the tune of over GHC900 by issuing fake receipts at the bank’s Tema Community 1 Branch. She has since absconded and declared wanted by the police, however, ...

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UT Bank resumes trading on GSE after temporary halt

Capital bank

The Ghana Stock Exchange has announced that UT Bank will resume trading shares on the stock market from Monday, January 9, 2017, after a temporary halt. The bank trading activities were halted by the Ghana Stock Exchange after UT failed to publish its quarterly audited accounts to shareholders. Meanwhile, UT Bank has also released a circular to brokers and shareholders ...

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Akyempim Rural Bank and Gomoaman Community Bank to merge

The shareholders of distress Akyempim Rural Bank have voted overwhelmingly to merge with Gomoaman Community Rural Bank. The move is as a result of the banking getting into bankruptcy and their inability to meet a new capital requirement set by the regulating of the banking and financial industry, the Bank of Ghana. The central bank has given all rural and ...

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BEIGE Capital secures medium term funds from INCOFIN

Beige

BEIGE Capital Savings and Loans (BCSL) has secured a medium term funding arrangement with INCOFIN, a Belgium-based Investment Management Firm. INCOFIN Investment Management (INCOFIN IM) is a Belgium-based management company with seven impact investing facilities totalling EUR 325M under management. From its offices in Belgium, Colombia, Kenya and India, INCOFIN finances and supports organisations in over 40 countries. In 2012 ...

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Bayport, C.F.C to merge as a Savings & loans Company

Managers of Bayport Financial Services have projected that a merger with CFC Savings and Loans will shoot the customer base of the company from 100,000 to 130,000. The merger which is yet to be approved by the Bank of Ghana(BoG) will move the company from financial services company into a savings and loans company. Speaking to Citi Business News after ...

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EximBank will draw entrepreneurs to agric

President of the Ghana Chamber of Commerce and Industry (GCCI), Nana Appiagyei Dankawoso I, has indicated that the recently launched Exim Bank will court entrepreneurs to the dominant agricultural sector and ultimately push down the rate of unemployment in the country. The bank, at its maiden Graduate Enterprise Development Initiative Awards (GEDI) in Accra, distributed a total of GH¢2 million ...

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