Three banks in Ghana are in talks to have a merger deal that could be the first for other banks to follow.
The 3 banks are GN Bank, Premium Bank, and Sahel Sahara Bank.
The deal is currently before the Bank of Ghana (BoG) pending the central bank’s perusal and approval.
The merger talks was led by the Gold Coast Fund Management, a subsidiary of the Groupe Nduom, owned by business magnate, Dr Paa Kwesi Nduom, and his wife, Mrs Yvonne Nduom.
In May this year, the Chief Executive Officer of GN Bank, Issah Adam said that the bank was on track to meet the deadline for the Bank of Ghana’s new minimum capital requirement. He revealed that the shareholders of GN Bank had been able to raise more than they had projected in the first quarter of the year.
‘We submitted our capital plan to Bank of Ghana in December 2017 and in the capital plan the shareholders had promised to bring in ¢56million in quarter one, then another chunk, about ¢160million in quarter two and then the balance in quarter three… As I speak to you, our shareholders brought in ¢60million that is ¢4million above what they had planned to do. So, we are on track and this quarter two, we are really poised to be able to deliver what we promised that we going to come up with,’ he told Ghanaweb.
The BoG, in 2017 announced an increment in the minimum capital requirement of Universal Banks from ¢120 million to ¢400 million giving commercial banks up to December 2018 to meet the new capital which represents an increase of 233 per cent.
GN Bank is an indigenous private Ghanaian owned commercial bank licensed to operate in Ghana. GN Bank has over 260 locations across the 10 regions of Ghana.