The merger between First Atlantic Bank and Energy Commercial Bank has finally been approved by the Bank of Ghana.
Sources say the approval was secured today. The merged institutions now have a stated capital of 432 million cedis.
This is more than the 400 million cedis capital required by the Bank of Ghana.
The deal would see Energy Bank swap some shares for a stake in First Atlantic Bank since it is the emerging and surviving entity post the merger.
Details on Omni and Sahel Sahara Bank merger
In a related development, the Central Bank has also approved the merger between Omni Bank and Sahel Bank.
The Bank of Ghana is currently working on other approvals for some banks with an announcement expected soon.
This should pave the way for the two banks to fast-track integration of their systems and personal.
The new entity is now owned by BSIC Group, Jospong Group and the Ghana AmalgamatedTrust the Special Purpose Vehicle that is investing some pension funds. The two banks together made up some GHS280 million, while Ghana Amalgamated Trust injected about 120 million cedis.
The shareholders of the new entity is now expected to send the signed agreements to Bank of Ghana to help them close the door the venture.
Have your say
More Business Headlines
- Kenya signs milestone crude processing deal with oil firms
- We’re not in the business of buying banks – Enterprise Group CEO
- We can’t sit and watch Nigerian retailers break our laws - GUTA
- ADB gives GHȼ100m to support agro-inputs access under PFJ
- Lawrence Agyinsem elected president of Global Network of Export-Import banks
- Impact Investing Ghana launches to catalyze investment for development
- Gov't to deploy 55 mini-grids to communities next year
- BoG to announce new capital requirement for MoMo operators
- GES-SIC Life launch insurance policy for teachers
- Western North: Cocoa farmers, landowners meet over controversial lease pact
- Police pick up GUTA executives over trade fracas with foreigners
- US billionaires' group calls for wealth tax
- Vodafone’s unveils new offer that allows you to share data in the family
- Zimbabwe ends decade of dollarisation in new currency reform
- China: Africa projects should be sustainable, denounces criticism