NEWS

Stanbic Bank ‘takes over’ Bank of Baroda

  • The deal for Stanbic Bank to takeover the operations of Bank of Baroda was sealed in the last days of December 2018.
  • The takeover was done under an arrangement that comes at no cost to Stanbic Bank Ghana Limited.
  • By the takeover it means the customers of the Bank of Baroda are nw customers of Stanbic Bank Ghana.

The Ghana unit of Standard Bank of South Africa, Stanbic Bank Ghana Limited, has taken over the local subsidiary of Indian-state lender, Bank of Baroda.

The takeover was done under an arrangement that comes at no cost to Stanbic Bank Ghana Limited.

According to the Daily Graphic, the deal was sealed in the last days of December 2018 allowing for Baroda to officially wind up its Ghana operations on December 31.

Meanwhile, the Bank of Ghana (BoG) has approved the takeover with an official announcement to follow soon.

The takeover means that the customers of the Bank of Baroda are now customers of Stanbic Bank Ghana.

The customers have been migrated without any distraction to their funds and the banking system.

This makes the Bank of Baroda the first bank to voluntarily liquidate in Ghana.

Around August 2018, the bank resolved to wind up its Ghana operations to avoid raising the GH₵400 million minimum capital, which it says its operation does not require.

Baroda, which started operations in 2008, was servicing mainly Indian customers and considered one of the profitable banks in the country.

Until Stanbic won the deal to takeover Baroda, CAL Bank and Sahel Sahara Bank among others were also interested in taking over the bank’s operations.

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