The central bank announced today that BEIGE, Sovereign, Construction, UniBank and Royal Bank have been collapsed into the Consolidated Bank of Ghana Limited.

Dr Addison at a press briefing to announce the developments today also explained that no immediate job losses are expected as a result of the merger.

He said: "To conclude, let me assure clients of the five banks that their deposits are safe. Clients of these banks can carry out their normal banking transactions at their respective banks which will now become branches of the Consolidated Bank of Ghana Limited.

"All staff of the affected banks will become staff of the Consolidated Bank, we do not expect any immediate job losses as a result of this consolidation, thank you".

In March this year, after the BoG had handed over the management of the bank to KPMG, scores of customers of uniBank became angry, frustrated and worried when their attempts to withdraw money from the bank’s automated teller machines (ATMs) failed.