In a statement issued Wednesday, the bank said it was also "finalising a plan for affected staff to transition to other economic models which will enable them provide essential outsourced services to the bank."

The bank said the two measures were to ensure that the rationalisation exercise does not impose undue hardship on affected staff.

The statement came two days after Graphic Online reported that some 1,700 staff of the bank will be laid off in a far-reaching exercise meant to rightsize its staff and make it efficient.

Related: Consolidated Bank offloads 1,700 workers

The affected staff are former staffs of the five defunct banks that CBG, which is 100 per cent state-owned, took over under a purchase and assumption agreement approved on August 1 this year.

Below is the full statement.

CBG ADDRESSES MEDIA REPORTS ABOUT HUMAN CAPITAL CHANGES

The Management of Consolidated Bank Ghana Limited (CBG) has taken notice of reports in the media about massive lay-offs to be effected by the bank, as part of efforts to implement the Purchase and Assumption transaction it undertook following the recent distress of five (5) banks.

CBG informs the general public that it has established an integration roadmap with the objective of rightsizing the branch network and rationalizing headcount amongst others. Whilst this may involve some reduction in headcount, management is taking steps to ensure that this does not impose undue hardship on its staff.

A core part of this integration and rationalization exercise is career training programs for all staff who may be exited as a result. CBG is also finalizing a plan for affected staff to transition to other economic models which will enable them provide essential outsourced services to the bank where appropriate.

CBG is an indigenous bank with a strong balance sheet, well-positioned to protect the best interests of our depositors and staff. We look forward to an enduring partnership with all our stakeholders and to building an entity that will transcend this generation.

Daniel Wilson Addo
CEO, Consolidated Bank Ghana