Stanbic Bank ‘takes over’ Bank of Baroda
January 2, 2019
The Ghana unit of Standard Bank of South Africa, Stanbic Bank Ghana Limited, has absorbed customers of the local subsidiary of Indian-state lender, Bank of Baroda under an arrangement that comes at no cost to the former.
Multiple sources involved in the arrangement say the transaction was sealed in the tail end of December 2018, paving the way for Baroda to officially wind up its Ghana operations on December 31.
The transaction has since been approved by the Bank of Ghana (BoG) and an official announcement due on January 2, one of the sources told Graphic Onlne.
This means that customers of Baroda are now customers of Stanbic Bank Ghana in a smooth migration that allows the former to walk away without distraction to its customers and the banking system.