The Bank of Ghana has downgraded GN Bank to a savings and loan company.
This was because the bank was unable to meet the Bank of Ghana minimum capital of GHS400 million by the deadline; December 31, 2018.
BoG Governor, Dr Ernest Addison made this known at a press conference in Accra Friday and added that Vish Ashiagbor of the international audit firm Pricewaterhouse Coopers has been appointed as an advisor for GN Bank to ensure a smooth transition to a micro-finance company.
Meanwhile, the operating licenses of Premium Bank and Heritage Bank have now been revoked over various issues including low capital according to the BoG boss.
Selected assets and liabilities of the two banks will therefore be transferred to Consolidated Bank.
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