The merging of UniBank, Beige Bank, Sovereign Bank, Royal Bank and Construction Bank into Consolidated Bank Limited in a way will help give local banks a facelift after the collapsing of some local banks.
But whenever a merger takes place, the possibility of some workers being laid off is always a possibility.
The news of the merger was made on 31 July 2018 and the new bank started operations on 1st August 2018 at 1: 30 pm.
According to financial experts, in the short run, the new bank will run smoothly but will soon start laying off working in other to cut cost.
The laying off of the workers will start when the banks start closing some of their branches and headquarters across the country.
Some financial experts believe it is good that the banks have merge but the Bank of Ghana and the government should have found an alternative to save the individual banks from what forced them into the merger.
Meanwhile the Governor of the Bank of Ghana revealed while some of the banks were facing financial problems, some were not using the required license to operate as a bank.
The merger of the five banks follows the takeover of Capital and UT Bank by GCB Bank last year.
