GN Bank set to establish presence in London soon

GN Bank set to establish presence in London soon
Source: Ghana | Joseph Appiah-Dolphyne | JoyBusiness
Date: 11-06-2018 Time: 02:06:43:pm

GN Bank is now turning its attention to London to soon establish a presence in that city, owner of the Bank, Dr Papa Kwesi Nduom has said. 

This is happening after it finalized a similar arrangement in the US which saw the GN Bank take over Chicago based bank, Illinois Service Federal (ISF) Bank. 

Dr Nduom said, “In London also we are building a financial infrastructure there. So it is a strategy that we’ve had in place for a long time. It is just now that it is beginning to fall into place and I’m happy to see that we Africans are finally getting a foothold in the strong banking system.”

He added, “It will lead to many other things and we have different people doing this. And so the people in Ghana are not involved in what we are doing. So we are not biting off more than we can chew with this.”

Dr Nduom said this should aid their dream of becoming a global financial institution.

ISF Bank

Earlier, Dr Nduom announced that the USA banking regulator, the Office of the Controller of the Currency (OCC), has approved the changing of the name of the ISF Bank.

There is no American bank focusing on the African-Caribbean market and it is the intention to turn the 84-year-old Chicago bank into a local and international powerhouse.

In 1934, thirteen black men started the Illinois Service Federal Savings & Loans Association. 

The ISF Bank as it has come to be known has supported many to acquire their first homes and start their own businesses. 

On April 29, 2016, the Nduom family obtained Change of Control approval from the Office of the Controller of the Currency (OCC) on April 29, 2016, to acquire the bank.

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