UniBank Merges With Beige Among 3 Other Struggling Banks

The Bank of Ghana has consolidated 5 banks into what it calls the Consolidated Bank Ghana limited.

The banks are Beige Bank, Construction Bank, Royal Bank, uniBank and Sovereign Bank.

This means that the banks are merged.
Background
The Bank of Ghana announced the collapse of UT and Capital banks about a year ago allowing GCB Bank to take over the two insolvent banks.

In March 2018, the central bank again announced that indigenous bank; uniBank was also on the verge of collapse and took over it allowing audit firm, KPMG Ghana, to take over the administration of the bank.

Again, in May 2018, BoG announced the appointment of an adviser to directly supervise operations of Sovereign Bank which the central bank claimed faced governance and capitalization challenges.

More soon…