Databank debunks claim it cannot pay clients’ withdrawals

Databank, the financial services entity has had to come out to address another claim making the round; the second in three months.

In January this year Chief Marketing Officer, Gillian Hammah had to come out to deny claims in the media his outfit had started dealing in gold collectibles following the collapse of Menzgold Ghana Limited.

Databank he said was not licensed to deal in gold collectibles and does not intend going into such business adding the finance service entity remained focused on its investment operations which include selling shares, treasury bills and bonds, as well as managing mutual funds, pensions and institutional funds.

Again the bank has had to come out to quell another rumour that the financial institution is “unable to pay withdrawals.”

According to the investment firm, the claim is “mischief meant to create unnecessary panic.”

Gillian Hammah, Group Chief Marketing Officer in a notice submitted “Databank has never, at any point in its history, failed to honour its obligations to its customers. We have a proven track record and strong governance structures that have been instrumental in protecting investors’ funds over the past 28 years.”

He added the business is run in a credible, sustainable manner not exposing  customers’ funds at risk.

“It is for this reason we do not seek to give the highest returns among our competitors, especially if it means taking unnecessary risks that could prevent us from being able to honour withdrawal requests,” the signed notice further held.

Databank founded in April 1990, seeks to empower its customers to achieve financial independence by providing financial education and offering a diverse range of investment products.

Investors can access fixed-income investments (including treasury bills), trade shares listed on the Ghana Stock Exchange and enjoy corporate governance advisory services through its brokerage wing.

Through its asset management wing, investors can access mutual funds such as Epack, MFund, BFund, ArkFund and EdIFund as well as provide pension fund management services.

Databank is in Kumasi, Takoradi, Tamale, Tema , Ho, Koforidua, Sunyani with its head operational base in Accra.

By Michael Eli Dokosi/goldstreetbusiness.com