5 BANKS IN GHANA THAT HAVE CHANGED THEIR NAMES

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5 BANKS IN GHANA THAT HAVE CHANGED THEIR NAMES
BANKS IN GHANA THAT HAVE CHANGED THEIR NAMES

5 BANKS IN GHANA THAT HAVE CHANGED THEIR NAMES

Financial institutions in Ghana are about 32. Out of these 32, the Bank of Ghana holds the central monetary authority in Ghana. The Bank of Ghana regulates other financial institutions in Ghana and also oversees all monetary policies of these banks. Some of these banking institutions have changed their names due to one or two reasons. Below is a list of 5 banks in Ghana that have changed their names.

BANKS IN GHANA WITH NAMES CHANGED

1. FIRSTLY,  ABSA BANK GHANA LIMITED

Absa Bank was established in the year 1917. Absa provides banking services to its clients in the country.  This Bank also provides corporate, treasury, and retail products and services to businesses as well as other corporate clients. Absa has about 52 branches across the country. It also has four agencies and about 164 ATMs. Absa Bank was formerly called Barclays Bank Ghana before it had a name change.

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2. SECONDLY, FIDELITY BANK OF GHANA

Fidelity Bank of Ghana was formerly known as Fidelity Discount House. It was in 2006 when the bank received its commercial banking license. Fidelity also offers personal, commercial, and wholesale banking products and services to its clients across the country. The Bank operates in more than 80 branches and has about 112 ATMs throughout the country.

3. THIRDLY, THE GHANA COMMERCIAL BANK

The shareholders of the Ghana Commercial Bank, after their 19th Annual General meeting, endorsed having the Bank’s corporate name changed. After the approval by the Registrar General Department, and other stakeholders, GCB was officially renamed ad GCB Bank Limited.

4. ANOTHER BANK WITH A NAME CHANGE IS THE STANDARD CHARTERED BANK GHANA

In 2020, SCB announced to the public the change of the company’s name. The name was changed from Standard Chartered Bank Ghana Limited to Standard Chartered Bank PLC. This name change took effect on the 25th of November 2022.

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According to SCB, the reason for the name change is to comply with the Companies Act 992. This Act requires that all public companies that are limited by shares must have the words, “Public Limited Company or the abbreviated form, PLC, attached to their registered name.

5.  SOCIÉTÉ GÉNÉRAL GHANA LIMITED

This Bank was originally known as Social Security Bank. The Bank started to operate in Ghana in the year 1977. The renaming of the Bank as a result of the Société  Générale’s acquisition of a 51% controlling stake in the financial service provider.  The bank’s headquarters can be located in Accra. It also has about 42 branches across the country.

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