These are the latest banks to merge, Check the new name

The Bank of Ghana (BoG) has approved the merger of local lenders, Omni Bank, and Sahel Sahara Bank into one entity to be known as Omni-BSIC Bank Ghana Limited.

The merger comes after five months of labourious work between officials of the Bank of Ghana, Omni Bank, and Sahel Sahara Bank.

According to sources, the approval was granted this week, which has allowed for proper integration of their operations, human resources and interfacing of their banking software to commence.

Omni-BSIC Bank Ghana Limited has three shareholders – the BSIC Group (which owns Sahel Sahara Bank), the Jospong Group (owners of Omni Bank) and the Ghana Amalgamated Trust (Limited), the special purpose vehicle that is investing in solvent and well governed local banks.

When all is said and done, it is expected that the merger will create a larger bank with almost 1,000 employees on its payroll and also make the Omni-BSIC Bank Ghana Limited a medium-sized bank with 46 branches, servicing customers in seven regions nationwide.

In related development, The Bank of Ghana will in the coming days officially announce the banks that have successfully met the GH₵400 million minimum capital requirement for 2019.

Ahead of the much-awaited announcement, sources say the government is set to announce a GHS2 billion bailout package for some six indigenous banks to enable them to meet the Bank of Ghana’s GH₵400 million minimum capital requirement.

According to sources, GHS2 billion bailout package was hurriedly put together for the six banks, which are seen as well-governed, solvent but unable to meet the BoG’s GHS400 million new minimum capital on their own.

Another source said it foresaw the number of beneficiary banks increasing to about eight as more indigenous banks come forward for the support.