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.
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