Liberia: Gn Bank Liberia Sets Record Straight On Reported Closure

Monrovia — GN Bank Liberia, one of Liberia's biggest banking institutions operating in the country has clarified to the media and the public in Liberia that the bank will not be affected by any action taken against its sister bank, GN Bank Ghana.

The Management of GN Bank Liberia wants its customers and the public know that GN Bank Liberia Limited is not a subsidiary of GN Bank Ghana and therefore the decisions taken in Ghana have no implications on the Liberia Bank.

GN Bank Liberia Limited is licensed and regulated by the Central Bank of Liberia, not the Bank of Ghana.

GN Bank clarification comes in the wake of recent action by the Bank of Ghana (BoG), to approve a downgrade of GN Bank Ghana to a Savings and Loans company. By this, GN has lost its banking license. The Bank of Ghana made the announcement on Friday, January 4, 2019.

But GN Bank Liberia Limited says it is very well capitalized and meets very well the capital adequacy requirements in Liberia.

The Management of GN Bank Liberia in a statement has however informed its customers that the decision to obtain a Savings and Loans license was one that was conscientiously taken by the Board of Directors and Shareholders of GN Bank Ghana for strategic reasons.

The statement reads that the decision taken by the Bank of Ghana against the GN Bank Ghana was not forced on GN Bank Ghana Limited.

"Following that announcement, the Management of GN Bank Liberia Limited has become aware of the apprehensions and uneasiness of some of its cherished Customers, GN also note in particular, the efforts by some News Media Houses who may want to use the news coming out of Ghana to give negative publicity to GN Bank Liberia Limited," the statement noted.

GN Bank Liberia Limited has a strong Liquidity position, is Viable and Profitable.

GN Bank Liberia Limited plans to be in Liberia into the foreseeable future and will continue to introduce innovative products and services to serve its Cherished Customers and the people of Liberia better.

With its Branch network of 300 branches and its current capital position of slightly over GHC 200 million (US$41 million dollars), GN Bank Ghana (Now a Savings and Loan Company) is still bigger than any Bank in Liberia.

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