‘We are not collapsing’ – Prudential bank assures customers

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Local bank, Prudential bank is urging its customers to ignore reports cautioning them to withdraw their deposits because the bank is near collapse.

According to the bank the publication is false and should be ignored because they are mere fabrications calculated to destroy its image.

The bank further states that it has never experienced any liquidity problems nor has it gone to the central bank for any liquidity support in its 22 year history.

The publication also alleged that the bank had failed to comply with publishing regulations.

But reacting to that, the bank stated that it has complied with the requirements for quarterly and annual financial publications and monthly submission of returns to the bank of Ghana.

Commercial banks in the country have till December 2018 to recapitalize to 400 million cedis, minimum.

The central bank says this is to build stronger banks and strengthen the capacities of banks in Ghana to undertake high ticket transactions.

Indigenous banks have appealed for the timeline to be reviewed and possibly extended to December 2022.

The regulator has however insisted that cannot be possible.

So far, about sixteen banks have met the new minimum capital requirement.

For banks which do not meet the requirement by the December 2018 deadline, they may have to resort to compulsory mergers or get their licenses revoked which will bring them down to a Savings and Loans category.

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By: Citibusinessnews.com/Ghana

The post ‘We are not collapsing’ – Prudential bank assures customers appeared first on Citi Business News.

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