The Bank of Ghana (BoG) has withdrawn the license of Premium Bank Limited for breaching sections of the Banks and Specialised Deposit Taking Institutions Act.
Premium bank together with Heritage Bank which has also been collapsed by the BoG, government has issued a GHc1.4bn bond to cover the gap.
The central bank has also approved a purchase and assumption agreement with Consolidated Bank Ghana Limited to takeover the liabilities and selected assets of the now defunct two banks - Heritage and Premium.
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The Governor of BoG, Dr. Ernest Addison announced this at a press conference Friday evening.