GN Bank has revealed that it made a “conscious decision” not to sell the bank to foreign interests in the process of looking for the GH¢400 million minimum capital.
It said the foreign investors were only interested in the nationwide network built by the bank “with the intention to abandon our vision of promoting financial inclusion and serving the needs of ordinary Ghanaians”.
On Friday, January 4, Governor of the Bank of Ghana Dr Ernest Addison announced that the commercial bank license of GN Bank has been revoked and an advisor appointed to help it go through a transition back to a savings and loans firm.
“The Bank of Ghana will closely monitor the implementation of the approved transitional plan which is expected to be completed by the end of June 2019.”
In a statement following Dr Addison’s announcement, GN Bank assured customers that it will still be open for business.
“The decision allows us to concentrate on ensuring maximum liquidity to sustain the business, instead of raising funds for additional capital as a universal bank,” the statement signed by Frank Owusu-Ofori, the head of Corporate Affairs, said.
Main or high street bank?
It said the financial institution served as a savings and loans firm for eight years before transitioning to a commercial bank.
“We invested heavily in opening offices in all the ten regions of Ghana. When we opened our doors, the unbanked population was 80%. Today, it has fallen to 55%. Our continued existence will ensure that the percent of the population that is unbanked will reduce further.”
It said it will continue to be true to its identity as a “main street bank and not a high street bank”.
“We will continue to be a financial institution with a difference – go where others are not willing to go, to bring banking to people currently excluded from the formal banking sector throughout the country,” the statement concluded.