Databank Postponed Reopening Date In January

      Databank Postponed Reopening Date In January

      The asset management company, Databank, postponed the reopening date of its branches nationwide except its independent branches. The investment bank, which can be considered a pioneer of investment banking in Ghana, and actually the first to introduce mutual funds in the country, has been in some financial trouble recently.

      The company, which operates in all sectors of financial markets, announced earlier than usual on the 21st December 2022 that it was taking a break due to liquidity shortages, making it unable to meet the redemption request of customers. The December 21st announcement stated that the company would reopen operations on January 10th 2023 with the hope that the issues which made members of the public threaten the lives of Databank’s customers, would normalize before the reopening date on the 10th January.

      The company, which is heavily involved in the money market, indicated it’s liquidity challenges were as a result of the domestic debt restructuring which made a lot of investors worried. The company, which is also well into securities, expressed the hope that with the help of the regulator, Securities and Exchange Commission (SEC) and the ministry of finance, a bailout could help the cash trap confronting the market, including the possibility of using the Financial Stability Fund.

      See also: Ministry Of Finance And SEC To Bailout Databank And Others

      In an SMS alert given to customers on the morning of 10th January 2023, which was the advertised reopening date, Databank postponed the reopening date to 16th January 2023 at it’s colocation branches at GTBank and and UBA. The statement read:

      Please note Databank’s independent branches reopen physically on Jan 10; co-locations inside GTBank & UBA reopen on Jan 16, 2023. Call 0302610610 for more.

      It is yet to be seen whether the 16th reopening date will occur. Customers are equally advised to frequently follow databankgroup for the latest updates

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