One of the oldest black owned banks in the United States of America, USA, the Illinois Federal Savings Bank, is now known as the Group Nduom Bank, USA (GN Bank USA).

The CEO and owner of GN Banks across the globe, Dr. Papa Kwesi Nduom announced this at the head quarters of the bank. The name change is to reflect its owner’s global ties in an effort build trust in its future. GN Bank has about 300 branches worldwide, according to Dr. Nduom.

Nduom bought ISF in 2016 and has vowed to make the bank a viable alternative to competitors like JPMorgan Chase, Citibank and others.

“It has been important to us to show people this bank will not disappear,” Nduom said with confidence. “This lets everybody know we put our resources, put our strength behind it. It’s not isolated — it’s part of a global brand.” Dr Nduom continued. He said the bank is on path to secure regulator approval by the end of August for a “quick pay” feature called “Pay Global”. Pay Global he stated, will allow customers to send and receive money through the web or on their phone.

Members of the Ghanaian community here led by the President of the GNC President, Paa Kwasi Sam, were there in their numbers. Renown Ghanaian actor, David Dontor, Mr. and Mrs. Berko Akoto of the African Spectrum, CEO of Black Seed Nation, Akua Akua Blackstar Agyeman?, Mr. John Abbayea and others were also present. An official of the city of Chicago was in attendance.