The Bank of Ghana has approved merger talks between OmniBank Ghana Ltd and the Sahel Sahara Bank.

The two banks wrote to the Central Bank on August 14 about their intention to begin merger talks in order to meet the GhC400 million minimum capital requirement before the close of 2018.

In a response, the BoG said:  “The Bank of Ghana (BOG) has “no objection” for merger talks between BSIC Bank (Ghana) Ltd. and OmniBank Ghana Ltd. to commence. You are, however, to note that the final approval of a merger will only be considered after all the necessary documentation has been submitted for review.”

Following the approval, the two banks have “since signed a Heads of Terms (“Memorandum of Understanding”) to govern their intention to merge and commenced the process to meet all requirements for final BOG approval.”

“In view of this, we are grateful to the Bank of Ghana, our cherished customers and all other stakeholders for their support and cooperation. We are committed to supporting the Bank of Ghana in its quest to ensure stability, confidence and growth in the banking sector.

“We also wish to assure our customers and the investing public that this merger when finally completed, will position our Bank as a major player in the banking industry to support private sector growth and Ghana’s development agenda,” the two banks said in a joint statement.

Source: Ghana/