BoG gives “No Objection” to OmniBank, Sahel Sahara bank merger

OmniBank and Sahel Sahara Bank have received a “No Objection” letter from the Bank of Ghana (BoG) as part of the processes required for a merger.

By this, the central bank has given the permission to the two banks to commence the necessary processes that will lead to the merger.

According to Omni Bank, the “no objection” by the Bank of Ghana is positive move that will aid in the merger processes.

A document sighted by Citi Business News said “following the “no objection” from the regulator, the two banks are working together to go through a process to meet all conditions in order to receive final approval from the Bank of Ghana,”

The move is aimed at helping the two banks meet the 400 million cedis capital requirement set by the central bank by end of 2018.

Meanwhile, OmniBank has urged its staff to focus on customer service to strengthen the position of the bank to make it a stronger partner to Sahel Sahara.

Earlier, media reports suggested that Sahel Sahara was rather in talks with GN Bank and Premium bank for a possible merger.

The process was however truncated after GN Bank accused one of the proposed partners for leaking the information when it was not finalized.

The CEO of Group Nduom later at a press conference explained that he pulled out of the process due to a leaked information about the merger since it was a breach of confidentiality.

Source: Citi Business News

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.