GN Savings and Loans to get financial support from another bank

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Struggling financial institution, GN Savings and Loans, has revealed it is in talks with another bank to help it meet it’s financial obligations.

According to a JoyNews report, the move, if fruitful, will see GN Savings and Loans deal with the liquidity challenges facing it. The reports is suggesting that GN Savings and Loans received applications from about eight banks that want to partner it.

GN Savings and Loans to get financial support from another bank

But GN has settled on one of the banks. The two institutions are finalizing negotiations and a formal announcement is expected to be made in the coming weeks. This would help GN depend on this bank for clearing of its Cheques and Forex transactions since it is expected to lose that function from the middle of this year.

GN Savings and Loans over the previous months had struggled to honour deposit withdrawals. Some of them really turned nasty, with some of their customers pitching camp at their banking halls, until their deposits are paid to them.  The institution had earlier requested the Bank of Ghana to approve its reclassification into a savings and loans, which was done in January 2019.

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