Bank PHB from Nigeria has withdrawn its application to operate in Ghana.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 Joy Business 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 to reduce the number of banks in the country. Source: Joy Business/Myjoyonline.com/Ghana