Heritage Bank has collapsed and merged with the Consolidated Bank.
The Bank of Ghana (BoG) has revoked the license of Heritage Bank Ghana Limited.
The central bank has also approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to takeover the liabilities and selected assets of the now defunct bank.
The BoG Governor, Dr. Ernest Addison announced the action.
With regard to Heritage bank, the Governor said it “obtained its license with questionable sources of capital, adding that both banks have not also been able “to meet the minimum capital requirement.”
This comes on the back of the expiration of the deadline given to banks in Ghana to recapitalize by at least GHc400 million by December 31, 2018, or risk having their licenses revoked.