President of Groupe Nduom, Dr Papa Kwesi Nduom has expressed GN Bank Chicago’s preparedness to meet the growing needs of the African-American, Caribbean communities in the South Side of Chicago with the introduction of more technology, services and products. He made this known during the rebranding of the city’s sole-black owned bank from ISF TO GN Bank at the bank’s head office in Chicago.
“Today, I am pleased to announce that ISF Bank has a new name. It is now GN Bank. Under our new brand, you will see the care and attention to customers that has sustained us in this community for more than 80 years. You will also see the introduction of more technology, services and products to meet the growing needs of this community” he said.
He stressed that, “We are poised and prepared to be a major player in this market. We offer our services and products to a broad community, but we will focus keenly on communities that have been overlooked by the major banks – especially African-American, African and Caribbean and Latino communities”.
GN, Groupe Nduom, a multi-national company with operations in Africa, the United Kingdom and the US operates businesses in banking, investments, hospitality, sports, education, manufacturing, insurance, real estate and media. It has developed a banking brand which started as a savings and loans company in Ghana and has grown to become an international bank, with more than 330 branches in Africa.
Dr. Nduom, two years ago, acquired the Illinois-Service Federal Savings Bank (ISF Bank) following the regulatory approval by the US Office of the Comptroller of the Currency. Then in May this year, he announced the approval of the OCC in changing the name of the Bank established in 1934 by 13 black men to become GN Bank, USA.
Dr Nduom revealed that, “When we acquired ISF Bank two years ago, we established a three-year turnaround plan. At the end of last year, we achieved that goal, thanks to our loyal customers. The bank continues to be profitable”.
Reminding all gathered at the ceremony that the company is based on a foundation of faith, Dr Nduom ended his remarks with a quote from 2 Corinthians 9:6 saying, “The point is this: whoever sows sparingly will also reap sparingly, and whoever sows bountifully will also reap bountifully. We are here to sow bountifully and share what we reap with our community’’.
The Groupe’s President acknowledged the efforts of the board of directors, management and staff of GN Bank USA for the great job they have done over the years.