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Financial Reforms Group Commends First Atlantic & Energy Commercial Bank For Merger   
 
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17-Dec-2018  
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The Financial Reforms Group (FRG) is a financial watchdog group that is monitoring the banking reforms project by the Bank of Ghana in order to deliver outstanding business value to customers and Ghanaians, to particularly meet international financial standards.

As financial monitors, FRG is commending the First Atlantic Bank and Energy Commercial Bank for implementing sustainable banking principles in the country over the years and deciding to merge under the on-going consolidation in the banking industry.

The permission granted by the Central Bank for a green light for the two banks to merge is good news for Ghanaians and customers of both banks in order to meet the new minimum required capital to operate in the Country.

First Atlantic Bank has over 20 years’ experience as a full scale Commercial bank and bagged several excellence awards globally.

This merger has become necessary at a time that Ghana has introduced banking reforms to expand sustainable lending and continue to be part of emerging markets that are becoming a major force in global development.

First Atlantic Bank's merger with Energy Bank is a good step and shows the seriousness and love that the two top financial Institutions attach to their clients and customers.

Energy Bank Ghana Limited was incorporated in 2009 as a private limited liability company. It began full scale banking operations on February 22, 2011 after acquiring a class 1 universal banking license.

Energy Bank therefore merging with First Atlantic Bank points to the fact that banking is all about creating satisfaction for its stakeholders, contributing to the growth of the national economy and impacting on the larger society by being a partner in the development process.

The progress of the two banks is a step toward achieving the Sustainable Development Goals and needs to be commended by stakeholders in the banking industry.

The group also believes the merger between the two banks will help to sanitize the banking sector and bring reforms in the two entities to enhance their quality service delivery and stability in the sector.

Monitoring both First Atlantic Bank and the Energy Bank with respect to their social investment projects is motivating and very impressive, according to the Financial Reforms Group.

The Financial Reforms Group would want to congratulate them for their continuous care for deprived communities in the country.

First Atlantic Bank's recent  donation of a fully equipped Mother and Baby Unit to the Talensi District Hospital in Tongo is  lifesaving to the community and the entire nation.

The group however has advised the two banks to use the merger as an opportunity to build a strong and global bank with honesty and sincerity being their trademark.

They should always abide by the standards and professional ethics. Finally we wish to state that we wholeheartedly commend the process so far and are eager to see the birth of a new merged financial institution, which would take its rightful place among the leading banks in Ghana”, portions of a statement issued by the FRG Convener Samantha Osei Ababio and copied to Peacefmonline.com read.
 
 
Source: Peacefmonline.com/Ghana
 
 

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