Prime News Ghana

Premium Bank merged into Consolidated Bank Ghana

By Wendy Amarteifio
Premium Bank
Premium Bank merged into Consolidated Bank Ghana

The Bank of Ghana (BoG) has withdrawn the license of Premium Bank Limited for breaching sections of the Banks and Specialised Deposit Taking Institutions Act.

Premium bank together with Heritage Bank which has also been collapsed by the BoG, government has issued a GHc1.4bn bond to cover the gap.

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 two banks - Heritage and Premium.

READ ALSO:Heritage Bank merged with Consolidated Bank

The Governor of BoG, Dr. Ernest Addison announced this at a press conference Friday evening.

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