OmniBank And Sahel Sahara Bank Merge To Form OMNIBSIC Bank Ghana Limited
OmniBank Ghana Limited has merged with Sahel Sahara Bank Ghana Limited (BSIC) in Ghana to become one of the strongest Banks in the country.
The two companies in an agreement are pleased to be called OMNIBSIC Bank Ghana Limited effective today, 4th March 2019.
In a release copied to peacefmonline.com the merger was necessitated by the need to increase capital to meet the new Bank of Ghana Minimum Capital Requirement of GHS 400 Million.
“This merger represents a pooling of the expertise of two major banks with strengths in various banking services to provide more opportunities, increase access and make the merged entity attractive to the banking public. Thus, the theme of the merger is “Together we give you more” the statement indicated.
In September 2017, the BoG announced the new minimum paid-up capital requirement, as part of a holistic financial sector reform plan to further develop, strengthen, and modernize the financial sector to support the government’s economic vision and transformational agenda.
The GH¢400 million minimum capital requirement which is a 233 percent increase over the previous GH¢120 million benchmark, according to the Central Bank is to create stronger banks that can drive the Country’s economic growth by undertaking big-ticket transactions.
Read Full Statement Below;
OmniBank Ghana Limited and Sahel Sahara Bank, Ghana Limited (BSIC) are pleased to announce the completion of its merger process. The two entities will, effective 4th March 2019, operate under the merged name OMNIBSIC BANK GHANA LIMITED.
The merger was necessitated by the need to increase capital to meet the new Bank of Ghana Minimum Capital Requirement of GHS 400 million. This merger represents a pooling of the expertise of two major banks with strengths in various banking services to provide more opportunities, increase access and make the merged entity attractive to the banking public. Thus, the theme of the merger is “Together we give you more”. Among the numerous benefits this merger brings include:
o A wider branch network
o A selection of best user-friendly and robust electronic banking platforms
o A stronger Balance Sheet
o A variety of products and services
o Several correspondent Banking partners and international trade lines
In line with our strategic vision, our customers will continue to be at the centre of our activities as we are poised to become the bank of choice in excellent customer service.
We remain committed to delivering enhanced products and services including Corporate Banking, Commercial and Retail Banking, Digital Banking and Trade Finance delivered through excellent customer service to our over 160,000 customers in the country and millions of others across the continent. Additionally, with the successful operational integration, customers of both banks can now transact business in any of our 46 branches between the new working hours of 8 am to 5 pm on weekdays and 9 am to 2 pm on Saturdays.
The merger will also ensure that there are no immediate job losses as agreed between the shareholders. Rather, as part of the merger process, there is ongoing effort to achieve seamless cultural integration and capacity building to ensure all staff are carried along to reach the vision of the Bank.
Welcome to the New Banking Experience. Together we give you more.
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