The Bank of Ghana (BoG) has given a “no objection” to the planned merger talks between First Atlantic Bank and Energy Commercial Bank.
Information available to Peacefmonline.com indicates that the Central Bank’s green light was communicated on Friday, December 14, 2018.
This means the discussions can begin having secured all the documents that give more information about the merger between the two banks.
This no objection approval granted by the Regulators would help the two banks to quicken up the process in meeting the new mnimum capital requirement before the deadline of December 31, 2018.
The two banks are entering into this merger after Energy Commercial Bank failed to raise the targeted amount of ¢340 million to help meet the new minimum capital requirement of ¢400 million.
This resulted in the two banks signing a MoU to merge their business to help them meet the new capital levels set by the BoG.
First Atlantic Bank assured customers in May this year that it is positive of meeting the 400 million cedis capital requirement set by the Bank of Ghana.
First Atlantic Bank has signed a deal to acquire The Energy Commercial Bank Limited.
The acquisition will increase the two banks capital beyond the stated Ghc 400million set by the BOG and will position the bank in the top 10 league of best performing banks in Ghana.
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