President of Groupe Nduom, Dr Papa Kwesi Nduom, has expressed regret at the difficulties customers of GN Bank and Gold Coast Fund Management, subsidiaries of Groupe Nduom, have had to face as a result of challenges the institutions encountered.
Dr Nduom admitted that 2019 has been a tough one for the company as they have had to close down two of their subsidiaries resulting in more than 3,000 job loses with many others at risk.
The Bank of Ghana and Security and Exchange Commission revoked the licenses of GN Savings and Loans (after it was downgraded from a universal bank status) and Gold Coast Fund Management as part of reforms to strengthen the financial sector.
These two institutions were part of many others closed down by the regulators for reasons including inadequate liquidity to meet customers’ demands and breach of some financial regulations.
In a press release issued and signed by the group Chairman, Dr Nduom, the group said “this has been a particularly difficult one for us at Groupe Nduom. We acknowledge the difficulties experienced particularly by our banking and investment customers. For that, we are sorry.”