Ghana: Consolidated Bank to Publish Financial Statements By August - CEO

The 2018 full year and 2019 half year financial statements of the Consolidated Bank Ghana (CBG) Limited should be published by the first week in August.

It will follow the completion of the review of the documents by the regulator.

The Managing Director of Consolidated Bank Ghana Limited, Daniel Addo who disclosed this assured all stakeholders that the processes for both the full year 2018 results and the first half of this year have almost been completed.

The announcement comes almost a year into the operations of the CBG.

"Our financial statements will come out; that of 2018 is almost ready and our half year for this year will come out latest by the first week in August. We have submitted the financials to the central bank and it is reviewing them," he explained.

The Consolidated Bank Ghana Limited, an indigenous Ghanaian Universal Bank, is licensed by the Bank of Ghana under the Specialized Deposit - Taking Institutions Act, 2016 (Act 930).

It started operations on August 1, 2018.

This followed the initial revocation of the licenses of five banks and an additional two; for various regulatory infractions.

Industry watchers are keen on how the bank will fare in its first year of performance.

This will include assessing the bank's deposit mobilization drive as well as working to settle outstanding claims of some depositors of the banks which had their licenses revoked.

On August 10 2018, the managers of the bank disclosed that the entity had a stated capital of 450 million cedis, in excess of the capital requirement for banks set by the Bank of Ghana.

It has one hundred and twenty (120) branches in ten regions of Ghana.

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