(1) A bank, specialised deposit-taking institution or financial holding company shall not establish a subsidiary company without the prior written approval of the Bank of Ghana.

(2) A subsidiary company established under subsection (1), may only engage in a permissible activity specified in section 18 in respect of a bank or specialised deposit-taking institution.

(3) A bank or specialised deposit-taking institution which establishes a subsidiary company contrary to subsection (1) is liable to pay to the Bank of Ghana, an administrative penalty of not more than one thousand penalty units.

(4) Despite subsection (3), the Bank of Ghana shall direct a bank or subsidiary company in contravention of subsection (1) to divest that subsidiary company within a specified period.

(5) The Bank of Ghana may revoke the licence of a bank or specialised deposit-taking  institution which does not comply with  the directive issued under subsection (4).