Databank denies reports of bankruptcy

The attention of the Management of the Databank Group has been drawn to a number of false and malicious rumours surrounding the operations of Databank.

The said rumours which are being circulated by word of mouth, text messages and via certain sectors of the media, suggest that Databank is bankrupt and has collapsed its operations. These slanderous and libelous rumours are not supported by any facts whatsoever and mischievously seek to cause panic amongst well meaning investors who have been serviced by Databank over the course of the last twenty years in the Ghanaian capital markets and beyond.

Indeed, these rumours are inimical to the integrity of Ghana ’s securities market, and undermine the orderly growth and development of the financial markets and the financial security of over 150,000 Ghanaians.

Databank was founded in April 1990 and is a leading brand in investment banking in Ghana and Africa. Through the years, Databank has successfully expanded its operations and presence in the Ghanaian and other African markets. Databank currently consists of Databank Brokerage Ltd including Client Services, Databank Asset Management Services Ltd including our acclaimed Research division, Databank Financial Services Ltd, Databank Private Equity Limited, and Databank Securities Ltd in The Gambia and in Liberia. Databank has branches in Accra , Tema, Kumasi , Takoradi, and additionally in Monrovia , Liberia and Banjul in the Gambia. It is credited with many firsts in the market such as:

* First to develop a market index, the Databank Stock Index (DSI) for the GSE;
* First to introduce a Money Market mutual fund, Databank Mfund;
* First to introduce an Equity mutual fund, Epack;
* The Best Research Firm in Africa in 2007 by Ai Index Series Awards in London;
* Epack, which won the Best Institutional Investor in Africa,2007;
* Most Respected Company in Ghana ,2007;
* Lead Manager for many successful IPO’s including the recent UT Financial Services IPO which raised the largest amount ever by any indigenous Ghanaian owned firm.

Databank continues to operate all of its subsidiaries and at no time have any of the said subsidiaries halted any of its operations. Our loyal clients continue to conduct business at all our branches and new client accounts are being opened everyday for conscientious and prudent Ghanaians seeking returns on their investments.

We encourage all concerned Ghanaians to visit us at any of our branches or verify our current status with our Regulators, the Securities and Exchange Commission.

Source: Databank Corporate Communications

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