Citi Business News can confirm that Finance house, City Investments Company Limited (CIC) has gotten the green light from the Bank of Ghana (BoG) to begin operations as a bank.
The finance house got the regulatory approval from the central bank in the second quarter of 2016.
The company is to begin operations as a bank proper by the fourth quarter of 2016.
Citi Business News can confirm that City Investments Company, whose majority shareholder is the Vanguard group will be re-branded to Premium bank as it begins its journey as a bank in a few months.
The Finance house is currently run by Kwasi Tumi.
City Investments Company Limited was incorporated as a private limited liability company under The Companies Code, 1963 (Act 179) on 12 November 1992 originally as Vanguard Investments Limited and subsequently licensed by the Bank of Ghana on 18 April 1995 to operate as a Finance House.
According to the Bank of Ghana’s financial stability report published in June, 2016 as at March 2016, the banking industry comprised 29 banks, of which fourteen (14) were domestically controlled.
This number has now increased to 33 following the coming on board of a number of others including Union Savings and Loans to now be called Omni bank, Premium bank and Sovereign bank.
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By: Vivian Kai Lokko/citibusinessnews.com/Ghana