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Bank of Ghana set to announce two final Bank mergers




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Bank of Ghana set to announce two final Bank mergers

By
 Samuel Kwame Danso
 -
Information reaching Reportier Communications indicates the central bank of Ghana, the Bank of Ghana will soon approve and announce two final mergers in the Ghanaian banking sector. The move, which follows attempts by banks to consolidate operations to meet the new Bank of Ghana minimum capital requirements is expected to safeguard customer savings and bank deposits while streamlining operations to meet regulatory requirements.

According to sources, one of the final two expected merger arrangements is between Sahel Sahara Bank and Omni Bank, while the other is between GN Bank and Premium Bank. The merger between Sahel Sahara and Omni Bank, which is known to be at a very advanced stage will have parties consolidate operations to meet the GHC 400 million Bank of Ghana minimum capital requirements.

According to reports, Sahel Sahara Bank was previously in a merger arrangement with GN Bank and Premium Bank. However, for unknown reasons, Sahel Sahara pulled the plugs at the eleventh hour. While arrangements indicate that the merger between Sahel Sahara and Omni Bank will possibly be announced later on in the month, all merger arrangements will all have to completed by the December 2018.

Banks involved in any of the merger arrangements will continue operating through their various bank branches and locations while a new name and identity will possibly be adopted and announced to imdicate the merger.

Since 2016 when Bank of Ghana announced a new minimum capital requirement for commercial banks in the country increasing the capital requirement by more than 100 percent, banks have been adopting strategies to be able to remain operational after the December 2018 deadline. Currently 7 banks have been affected. While GCB Bank acquired UT and Capital Bank, the central bank late last month consolidated the accounts of five banks namely, Unibank, Beige, Construction, Royal and Sovereign Bank into a new bank named Consolidated Bank.

We are currently monitoring the entire process and would bring you any development when we obtain any new information.

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