Omni Bank poised to meet BOG’s minimum capital requirement

Omni Bank poised to meet BOG’s minimum capital requirement
Source: Ghana| JoyBusiness
Date: 13-11-2017 Time: 03:11:20:pm
Omni Bank MD, Phillip Oti-Mensah

Omni Bank said it has obtained five potential investors who will help it meet the Bank of Ghana’s new minimum capital requirement for banks ahead of the December 2018 deadline.

The Central Bank in September increased the capital requirement to GH¢400 million as part of moves to consolidate the sector.

It has warned banks which fail to meet the target would lose their licenses.

However, Omni Bank said it has made greats strides so far and hopes to seal the deal with the investors, two of whom are foreign by the end of November this year.

Managing Director of Omni Bank, Phillip Oti-Mensah who disclosed this to JoyBusiness, said the bank engaged the services of a transaction advisor to secure potential investors to help recapitalize the bank.

“We have actually gone very far and we are close to signing MOUs with these investors”, Mr. Oti-Mensah said.

He also assured customers that Omni Bank is strong and ready to recapitalize. He also ruled out any plans to merge with other banks. Banks that fail to recapitalize may have merge with others or lose their licenses.   

The over 200 percent increase in the minimum capital requirement is the biggest capital witnessed in the country.

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