GN Bank, Premium Bank in merger talks again

Information available to Citi Business News indicates that GN Bank and Premium Bank have recommenced merger talks.

The two banks are seeking to merge before the end of the year.

This is also to allow them meet the December deadline for the new 400 million cedis minimum capital requirement.

The two companies are likely to finalize the deal by next weekend.

The Bank of Ghana has given preliminary approval as the banks talk to a third investor who will pump in more working capital.

The investor is said to be a foreign entity and is not a bank.

It is unclear when this agreement started as there has been a botched agreement of a merger among GN Bank, Premium and Sahel Sahara bank.

GN Bank is an indigenous private Ghanaian owned commercial bank with over 260 locations across the country.

Premium Bank secured the Bank of Ghana’s approval to commence business as a bank on 20th April 2016. It operates two banking branches: the Accra Main, and Takoradi branches with the Head Office in Osu.

Presently, Omnibank and Sahel Sahara bank are in their merger processes which should see them meet the minimum capital requirement.

Already, the Bank of Ghana has indicated that about twenty banks have met the minimum capital requirement.

Source: Citi News Room

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