The Founder and Head of Groupe Nduom, Papa Kwesi Nduom, has weighed in on the news surrounding the potential sale of Standard Chartered’s retail banking business in Ghana.
According to Papa Kwesi Nduom, any potential sale of Standard Chartered’s retail banking business in Ghana should be acquired by a Ghanaian indigenous company.
In a Facebook post, Papa Kwesi Nduom wrote, “Make no mistake about this: if Standard Chartered is selling its retail banking business, the buyer should be an indigenous Ghanaian company”.
His comments follows, Standard Chartered PLC, which has announced its intention to explore the sale of its Wealth and Retail Banking (WRB) business in Ghana.
The Chief Executive Officer and Head of Coverage, Standard Chartered Ghana, Xorse Godzi, in a press release, stated, “Our WRB business in Ghana is a strong franchise with an established client base and talented colleagues. We believe that it is well-positioned to continue to succeed under new ownership.
We are focused on the next phase of our growth by prioritising businesses where we have a strong competitive advantage and a distinctive cross-border proposition. Ghana remains a core part of our international network, and we continue to see long-term opportunities driven by trade, infrastructure investment and capital flows”.
He added, “The transition is expected to be phased over 18 to 24 months, subject to regulatory approvals. During this period, it will be business-as-usual for clients, with continued engagement to ensure an orderly transition and minimal disruption”.
The Head, WRB, Europe, Middle East and Africa, Standard Chartered, Bongiwe Gangeni, also stated: “We continue to actively review our portfolio to ensure capital is deployed where it delivers the strongest returns and strategic impact. We remain committed to supporting our clients through this transition, with a clear focus on continuity and client outcomes.
This is about being more focused and impactful in Africa – driven by our hubs in Kenya and Nigeria, where our WRB businesses continue to drive growth at scale, complementing our super-connector CIB franchises in those markets.”
In other news, Papa Kwesi Nduom, the Businessman and President of Groupe Nduom, has said GN Savings and Loans is moving ahead with plans to resume operations following a Court of Appeal ruling.
According to Dr Nduom said the group remains committed to complying with the law and will continue preparations to restart operations.
He disclosed that, as things stand, he has not been served with anything that says the Bank of Ghana is appealing the matter.
His comment follows reports that the Bank of Ghana (BoG) has filed an application at the Supreme Court challenging the Court of Appeal ruling that restored the licence of GN Savings and Loans Company Limited, formerly the GN Bank.
According to reports, the Bank of Ghana is seeking to overturn the Court of Appeal’s decision.
BoG argued that the Appeals Court erred in law when it proceeded “to hear and determine the appeal filed by applicants to the Court of Appeal.”
Speaking on the development, Papa Kwesi Nduom stated, “Let me be very clear, because I told you that we are law-abiding and we believe in the rule of law and we have orders. The orders that we have as I stand here are orders from the Court of Appeal, nowhere else”.
“So as I stand here, Bank of Ghana itself has not even been served with what the lawyers call the consequential orders,” he stated.
“And then, again, as I stand here, I have not been served with anything that says somebody is appealing the matter. It may be true, it may not be true, but I cannot rely on word of mouth or what’s on social media or what’s on radio or television,” he said.
He further added, Papa Kwesi Nduom, “But when we get anything at all from anybody, we are ready with our attorneys to deal with anything with dispatch”.
“But even if something is served on us, until someone gives us an order different and also superior to what the Court of Appeal had given, we are not moving. We are not waiting for anybody,” he said.
“So I hope you understand that we are working. We are on the road. We are working, restoring, repairing, putting our things together, looking for people, and so on,” he added.
See the post below:
@ghnow_ I had no mattresss in SHS for 3 years – Hon. Afenyo Markin #GHNow #fyp ♬ original sound – GHnow
