Pursuant to Section 123 of the Banks and Specialised-Deposit-Taking Institutions Act, 2016 (Act 930), the Bank of Ghana has revoked the banking licences of Premium Bank Limited and Heritage Bank Limited with effect from the date of this Notice and has appointed Mr. Vish Ashiagbor of PricewaterhouseCoopers as Receiver for the two banks.
This was confirmed in a press statement by the centra bank of Ghana.
Complete details of the bases on which the licences of the two banks have been revoked are attached as Annexures 2 and 3. Among other things:
The Bank of Ghana has also approved a Purchase and Assumption Agreement between the Receiver and Consolidated Bank Ghana Limited (CBG) under which the Receiver has transferred some assets and liabilities of the two banks to CBG.
All deposits (current, savings and fixed deposit accounts) of the two banks have been transferred to CBG with effect from the date of this notice.
The Government of Ghana has issued a bond in the face of GHC 1.403 billion to CBG to cover the gap between the value of the good assets and liabilities of the two banks transferred to CBG.
All deposits of the two banks are safeand customers will continue to have full access to their funds.
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