Dr Papa Kwesi Nduom’s Groupe Nduom has completed the transaction to acquire Illinois-Service Federal Savings Bank (ISF Bank) following the regulatory approval by the US Office of the Comptroller of the Currency.
During the completion of the transaction, Dr Nduom said that the Nduom family was proud to support the leading institution and trusted Chicago partner which, for eight decades, has worked to revitalize the urban areas in which it operates.
He added: “Our investment will enable the Bank to build upon its legacy by providing a suite of innovative financial services and products to address its customers’ needs. This investment helps ensure that minority focused banks continue to play a vital role in community economic development.”
The Bank began in 1934 when community leaders came together to establish a savings and loan association sensitive to the needs of African-American residents of Chicago. The ISF Bank has two offices in the City, and through its Internet banking program, its services and products are available nationwide.
Dr. Papa Kwesi Nduom and Mrs. Yvonne Nduom are private investors who began their professional life in the Midwestern United States. Dr. Nduom was a Deloitte & Touche partner in Milwaukee, Wisconsin. Mrs. Nduom worked with Allstate Insurance and Blue Cross, Blue Shield in Wisconsin. They provide managerial, technical and financial services through their management services company, International Business Solutions, LLC, based in Washington D.C. As an entrepreneurial family, the Nduom Family is proud and grateful for the opportunity to contribute to ISF’s legacy of socio-economic development.
Groupe Nduom is a family business group of Ghanaian and American origin. It manages a diverse portfolio of businesses and social welfare enterprises primarily in West Africa, the United Kingdom and the United States of America.
Groupe Nduom manages companies in a variety of industries such as:
- Financial Industry: GN Bank, First National Togo, First National Cote d’Ivoire, GN Reinsurance, GN Life Assurance, Gold Coast Fund Management, Gold Coast Brokerage, PenTrust, Liberian Enterprise Development Finance Company, Ghana Growth Fund Company.
- Media: First Digital TV (including several television channels), Today Newspaper, DigiCut advertising, Radio stations.
- Hospitality, Sports and Entertainment: Coconut Grove Hotels, Elmina Sharks FC, Spyder Lee Entertainment, Sea Lions FC, Ahomka Fie Event Place.
- Industrial: GN Quarry, GN Concrete Products, GN Motors, FreshPaK, GN Electronics, GN Logistics, GN Printing, Qualtek (Technology), GN Power.
- Education: Monica Yorke School, Nduom University (Nduom School of Business & Technology; and GN Learning & Development Center), Elmina Community Library.