Defunct Heritage, Premium branches shutdown; staff sent home

Defunct Heritage, Premium branches shutdown; staff sent home
Source: Ghana | | GN
Date: 01-03-2019 Time: 01:03:46:am

Some branches of the defunct Heritage Bank and Premium Bank have been closed down and staff have been asked to step aside for a while.

With the exception of the Tema Community 1 and Suame (Kumasi) branches, the former branches of the banks will cease to operate after the close of business on Thursday, 28 February 2019, according to a notice to staff and consultants of the banks.

“Consequently, unless specifically requested, all the Receiver's consultant staff will no longer be required to physically report to work at the former branches or Head Office daily. Any individuals who may be required to report to any location in the course of their duties will be advised separately,” said the notice.

Also, four out of the five branches of the defunct Premium Bank have been closed down and staff asked to step aside.

In January this year, the operational licences of Heritage Bank and Premium Bank were revoked by the Bank of Ghana.

Dr Ernest Addison announced that the liabilities and selected assets of the two institutions will be taken over by the CBG, following the approval of a purchase and assumption agreement by the regulator.

RelatedBoG creates Consolidated Bank to take over 5 struggling banks

In the latest development at the two defunct banks, the notice to staff further stated that the closure of the bank branches and the subsequent directive to the affected staff at these branches will not affect the terms of the existing consultancy contract between the Receiver and the staff.

“Accordingly, allowances will be paid in line with the consultancy contracts for the term of the contract which ends on March 31, 2019,” the notice said.

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