The Sovereign Bank which is among the banks merged under the Consolidated Bank by the Bank of Ghana (BoG) is reported to have obtained its license under false pretense.

The act by the bank is a criminal act and hence is expected to attract criminal charges.

The Bank of Ghana earlier today merged The Sovereign Bank, Unibank, The Royal Bank, Beige Capital and Construction Bank.

The merged banks have been taken over by the Consolidated Bank created by the government with Daniel Addo as the Chief Executive Officer (CEO).

Speaking at a Press Conference to announce the merging at Accra, the governor of the BoG Ernest Addison said, “We do not expect any immediate job losses”.

He further added that Beige Capital and Construction Banks used fictitious and non-existent capital to obtain licenses, and are also expected to face criminal charges for obtaining licenses under false pretense.

Mr Addison also assured clients of the affected banks that their deposits are safe.