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Bank PHB withdraws Ghana application
By Masahudu Ankiilu Kunateh, Ghanadot
Accra, Oct 14, Ghanadot - Bank PHB from Nigeria has withdrawn
its application to operate in Ghana.
The bank intended operating in the country by acquiring majority
shares in First Ghana Building Society.
But latest information available to Ghanadot suggests that the
bank is no longer pursuing that dream and has accordingly
written to the Bank of Ghana.
The reason for this move is unclear, but there are strong
indications that it has to do with its problems back home with
the central bank of Nigeria.
Bank PHB is among the last set of banks which have been bailed
out by the central bank of that country.
With 27 banks, Ghana is said to be having three more banks than
Nigeria where further consolidation is expected.
This comes on the heels of speculations that the World Bank is
putting pressure on Government of Ghana to reduce the number of
banks in the country.
Ghanadot
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