Bank Of Baroda
The Bank of Ghana (BoG) says it has approved a request for voluntary winding up of the operations of Bank of Baroda Ghana Limited effective December 31, 2018.
By a letter dated 9th April 2018, the Bank of Ghana said it was notified by the Bank of Baroda, India, the parent company of Bank of Baroda Ghana Limited of its decision to divest and sell its entire 100% equity in the bank due to the Government of India’s decision to rationalise the overseas operations of the branches and subsidiaries of Indian public sector banks.
To ensure an orderly exit and safeguard the interest of depositors and customers, the Bank of Ghana has approved an Assumption Agreement between Bank of Baroda (Ghana) Limited and Stanbic Bank Ghana Limited under which the latter would assume all deposits and selected loan assets of the bank.
“The Bank of Ghana will closely monitor the transition, and is confident that Stanbic Bank Ghana Limited will ensure that depositors of Bank of Baroda Ghana Limited continue to have access to their deposits.”
The Bank of Baroda Ghana Limited was licensed by the Central Bank as a universal bank on 28th January 2008.
It is a subsidiary of Bank of Baroda India which is wholly-owned by the Government of India.