The management of GN Bank Liberia, one of Liberia’s mainstream banking institutions has clarified that the bank will not be affected by any action taken against its sister bank, GN Bank Ghana.
The management wants the public to know that GN Bank Liberia Limited is not a subsidiary of GN Bank Ghana and therefore the decision taken in Ghana has no implication on GN Bank Liberia.
GN Bank Liberia Limited is licensed and regulated by the Central Bank of Liberia, not the Bank of Ghana, the statement said.
GN Bank Liberia’s clarification comes in the wake of recent action by the Bank of Ghana (BoG), to approve a downgrade of GN Bank Ghana to a Savings and Loans company. By this, GN Bank Ghana has lost its banking license. The Bank of Ghana made the announcement on Friday, January 4, 2019.
But GN Bank Liberia Limited says it is very well capitalized and meets very well the capital adequacy requirements of Liberia.
The management said in a statement that the decision to obtain a Savings and Loans license was one that was taken by the Board of Directors and Shareholders of GN Bank Ghana for strategic reasons.
The statement said the decision by the Bank of Ghana against the GN Bank Ghana was not forced on GN Bank Ghana Limited.
“Following that announcement, the Management of GN Bank Liberia Limited has become aware of the apprehensions and uneasiness of some of its cherished customers, GN also note in particular, the efforts by some news media houses who may want to use the news coming out of Ghana to give negative publicity to GN Bank Liberia Limited,” the bank’s statement said.
“GN Bank Liberia Limited has a strong Liquidity position and is viable and profitable,” the statement said. “GN Bank Liberia Limited plans to be in Liberia into the foreseeable future and will continue to introduce innovative products and services to serve its cherished customers and the people of Liberia better.”
With its branch network of 300 and its current capital position of slightly over GHC 200 million (US$41 million dollars), GN Bank Ghana (now a Savings and Loan Company) says it is still bigger than any Bank in Liberia.