This is after consolidating the operations of the five banks - uniBank, Construction, Royal, Sovereign and BEIGE banks -- whose licences were withdrawn on August 1 and their good assets and all liabilities transferred to CBG.

As a result, Consolidated Bank has reiterated its appeal to customers to remain calm and continue to transact business with any of the bank's branches nationwide.

In a press statement copied to Graphic Online, the bank said "Consolidated Bank Ghana Limited is a fully indigenous bank that is 100% owned by the Government of Ghana and is well capitalised in excess of the new capital requirements of the Bank of Ghana. The bank has a stated capital of GHS450 million, a branch network of 175, with presence in nine (9) regions of Ghana," the statement said.

It added that following the consolidation of the operations of the defunct banks, "there would be absolutely no loss of customer deposits as we are able to meet your requirements through our various branches and channels." It explained that the banks starts its operations on a strong footing and thus intend to use its size as well as the knowledge and vast experience of staff "to support large and small businesses across the country, play our part in ensuring a stable financial sector and finally support the industrialisation and economic transformation agenda of the government."

"However, as a new bank created out of several legacy institutions, there would, of necessity, be a period of stabilisation required to synchronise our operations across all our products and channels."

"It is our intention to make this as short as possible without disrupting or diluting our commitment to providing outstanding services to all our stakeholders," the statement added.

Below is a copy of the press statement

PRESS RELEASE

Consolidated Bank Ghana Limited (CBG) is pleased to inform our various customers, staff and stakeholders that having successfully commenced operations on 2nd August 2018 all our branches and strategic business units are fully opened for business.

Consolidated Bank Ghana Limited is a fully indigenous bank that is 100% owned by the Government of Ghana and is well capitalized in excess of the new capital requirements of the Bank of Ghana.

The bank has a stated capital of GHS450 million, a branch network of 175, with presence in nine (9) regions of Ghana.

We would like to thank all our loyal customers for their understanding at this time and once again reassure you that, following the consolidation of the operations of the defunct Banks, there would be absolutely no loss of customer deposits as we are able to meet your
requirements through our various branches and channels.

CBG starts on a strong footing and we intend to use our size as well as the knowledge and vast experience of our staff to support large and small businesses across the country, play our part in ensuring a stable financial sector and finally support the industrialization and
economic transformation agenda of the Government.

However, as a new Bank created out of several legacy institutions, there would of necessity, be a period of stabilization required to synchronize our operations across all our products and channels.

It is our intention to make this as short as possible without disrupting or diluting our commitment to providing outstanding services to all our stakeholders.

We would however require your continued support and understanding during this period, knowing fully well that we are irrevocably committed to building an enduring institution that would become one of the beacons of the Ghanaian nation.

Lastly, we are wholly committed to being an open, responsive and transparent organization and in this light we would strive to truly engage our stakeholders as partners in the growth of this proud Ghanaian institution.

In this light, there would be further briefings on developments within the Bank as events unfold especially with regards to our channels, products and services.

We thank you once again for your continued confidence.
Daniel Addo
CEO/MD
10/08/2018