Heritage Bank collapsed, merged with Consolidated Bank

The Bank of Ghana has, in a surprise, move revoked the licence of Heritage Bank Ghana Limited.

The central bank has also approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to take over the liabilities and selected assets of the now defunct bank.

Graphic Online is reliably informed that the BoG Governor, Dr Ernest Addison will announce the action shortly.

He is due to explain why the central bank took that decision.

Graphic Online is, however, informed that BoG says it cannot authenticate the source of the bank’s capital.

More soon…