Consolidated Bank to close down 100 branches

Consolidated Bank to close down 100 branches

About 100 branches of the new Consolidated Bank face closure, as the newly-formed bank seeks to streamline its operations and downsize to minimize cost and remain profitable.

A source confirmed to Business Today on Beach 105.5 FM, that a team has begun a five-day tour of nine regions to determine which branches will be shut down, and a report is expected by the end of this week.

The bank, which took over some selected assets and liabilities of the five collapsed banks –uniBank, Sovereign, Construction, Beige and Royal banks – currently has 191 branches in nine out of the 10 regions of the country.

As part of the new bank’s business, rationalization programme to reduce its current operational cost of about GH¢60million per month and reduce staff numbers to an acceptable minimum, it has already served notice of its intention to part ways with 1,700 staff. It currently has 3,700 workers.

Already, staff have been asked to re-apply for their jobs. In a memo, management said a link to the recruitment portal will be sent to staff via email, and those interested are required to submit their details and CVs through that portal.

The recruitment exercise commenced on Wednesday, August 29 and ended yesterday, Monday, September 3.

Beach Business Today

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