Groupe Nduom — financial services group founded by Dr Papa Kwesi Nduom, exploring acquisition of Standard Chartered Ghana's retail business and operating GN Savings & Loans after licence restoration.
Founder and Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has disclosed that the group is exploring the possibility of acquiring Standard Chartered Bank Ghana’s retail banking business. …
… Groupe Nduom expresses interest Meanwhile, Founder and Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has disclosed that the group is exploring the possibility of acquiring Standard Chartered Bank Ghana’s retail business. …
Founder and Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has called for any sale of Standard Chartered Bank Ghana’s retail banking business to be reserved for an indigenous Ghanaian company, arguing that the country’s financial sector should create greater opportunities for loc …
The President of Groupe Nduom, Dr Papa Kwesi Nduom, has disclosed that the revocation of the licence of GN Savings and Loans resulted in the loss of a major international financing arrangement that was expected to inject $20 million into Ghana’s small business sector. …
Businessman and President of Groupe Nduom, Dr Paa Kwesi Nduom, has assured customers of GN Savings that efforts are ongoing to recover locked up funds and settle outstanding payments. …
… Meanwhile, President of Groupe Nduom, Dr Papa Kwesi Nduom, has indicated that GN Savings and Loans is preparing for a phased return to operations, beginning with its first branch in Elmina. …
… The President of Groupe Nduom, Dr Papa Kwesi Nduom, made the disclosure just days after securing a monumental judicial victory that completely overturned the state’s revocation of the institution’s operating licence. …
… s against GN savings and loans, including related-party transactions, breaches of capital adequacy requirements, liquidity challenges, foreign exchange violations, failure to publish audited accounts, and the transfer of depositor funds to affiliated companies within Groupe Nduom …
Groupe Nduom founder Dr Papa Kwesi Nduom disclosed the group is assessing the possibility of acquiring Standard Chartered Bank Ghana's retail banking business, with plans to potentially list the new entity on the Ghana Stock Exchange if successful. Dr Nduom called on the Bank of Ghana to prioritise indigenous investors in the sale process, which is expected to take 18 to 24 months subject to regulatory approvals.
Why it matters
Groupe Nduom's acquisition interest in Standard Chartered's retail business could reshape Ghana's banking sector and strengthen indigenous ownership.
Groupe Nduom founder Dr Papa Kwesi Nduom disclosed the group is assessing the possibility of acquiring Standard Chartered Bank Ghana's retail banking business, with plans to potentially list the new entity on the Ghana Stock Exchange if successful. Dr Nduom called on the Bank of Ghana to prioritise indigenous investors in the sale process, which is expected to take 18 to 24 months subject to regulatory approvals.
Standard Chartered Bank Ghana has assured customers their deposits remain safe and banking services will continue uninterrupted as the bank explores the sale of its Wealth and Retail Banking business, a process expected to take 18 to 24 months subject to regulatory approvals.
Dr Papa Kwesi Nduom, founder of Groupe Nduom, has urged policymakers and regulators to ensure that any sale of Standard Chartered Bank Ghana's retail banking business goes to an indigenous Ghanaian company, arguing this would create greater opportunities for local ownership in the financial sector.
Ghana's Court of Appeal unanimously overturned the Bank of Ghana's 2019 revocation of GN Savings & Loans' operating licence, finding the decision unfair and unreasonable. The ruling raises questions about the effectiveness of Ghana's banking regulation following the bank's collapse, which affected hundreds of thousands of savers including market women, farmers and teachers.
Dr Papa Kwesi Nduom disclosed that the revocation of GN Savings and Loans' licence resulted in the loss of a $20 million loan facility from a US-based investment institution that had been negotiated to support small businesses and traders in Ghana.
Dr Paa Kwesi Nduom, President of Groupe Nduom, has assured customers of GN Savings that efforts are ongoing to recover locked funds and settle outstanding payments, noting that companies under Groupe Nduom had deposits with the bank that remained unpaid after the licence revocation and that the company is engaging the Bank of Ghana and receiver to reconcile accounts.
The Bank of Ghana is awaiting legal advice from external lawyers and the Receiver before deciding whether to comply with or challenge a Court of Appeal ruling that ordered the restoration of GN Savings and Loans' licence and the return of the company's assets to shareholders. The BoG's decision will depend partly on the Receiver's assessment of how the ruling could affect other institutions affected by the banking sector clean-up and previously revoked licences.
GN Savings and Loans will reopen its first operational branch in Elmina, announced Dr Papa Kwesi Nduom, following a court victory that overturned the state's revocation of the institution's operating licence. The company plans a phased approach to reopening branches across the country.
Senyo Hosi, a finance policy analyst, has criticised the Bank of Ghana for failing to act early enough to prevent the GN Bank crisis, despite signs of financial distress and public knowledge of withdrawal problems at the institution.
A Court of Appeal ruling in favour of GN Savings & Loans could be a first step toward restoring its licence, revoked by the Bank of Ghana in August 2019. The lawyer for Groupe Nduom argues the licence was revoked solely on insolvency grounds, not on the other alleged regulatory breaches the central bank cited at the time.
Ghana's Court of Appeal unanimously overturned the Bank of Ghana's 2019 decision to revoke GN Savings and Loans Company Limited's operating licence, ruling the revocation was unfair and unreasonable and ordering the return of the institution's assets and operations to shareholders. The ruling marks a significant legal challenge to the 2017–2020 financial sector clean-up and a vindication for Dr. Papa Kwesi Nduom.
The Court of Appeal ruled in favour of businessman and politician Dr Papa Kwesi Nduom in a legal battle linked to his defunct GN Savings and Loans. Nduom, whose banking operations were affected during Ghana's financial sector clean-up exercise seven years ago, expressed optimism about the future and signalled plans to return to work.
The Court of Appeal unanimously restored the operating licence of GN Savings and Loans, quashing a High Court decision that upheld its revocation during the banking sector cleanup and ruling that the Bank of Ghana's decision to revoke the licence was unfair and unreasonable. Chairman Dr Papa Kwesi Nduom said the restoration marks a turning point and that Ghana is in a positive political environment capable of supporting business recovery.
The Court of Appeal has ordered the Bank of Ghana to restore GN Savings and Loans' operating licence, which was revoked during Ghana's banking sector cleanup exercise. Founder Dr Papa Kwesi Nduom pledged to rebuild the firm stronger than before and return it to contributing to economic growth.
The Court of Appeal has unanimously overturned the Bank of Ghana's 2019 decision to revoke the operating licence of GN Savings and Loans Company Limited, ordering the receiver to return control of the institution's assets and operations to its shareholders. The ruling ends nearly seven years of litigation stemming from the 2017–2020 financial sector clean-up.
A three-member Court of Appeal panel has unanimously overturned the Bank of Ghana's 2019 revocation of GN Savings and Loans Company Limited's operating licence, ruling the central bank's decision was unfair and unreasonable. The court ordered the Receiver to return possession, management and control of the company to its shareholders, though restoring the licence and resuming regulated banking activity remain separate processes.