The Bank of Ghana has rejected rumors of a proposed merger, or acquisition deal of the National Investment Bank (NIB) by GCB Bank Ltd.
This follows speculations that the GCB Bank has initiated moves to merge, or acquire the National Investment Bank (NIB) in a deal worth Ghc10 billion as part of efforts to increase its (GCB’s) asset base.
There were reports as well that the GCB bank would also increase its outlets across the country by at least 250 - resulting in a corresponding recruitment of about 2000 additional employees.
However, in an interaction with the media earlier this week, Head of Banking Supervision at Bank of Ghana – Raymond Amanfu, asserted that speculations were false. Â
Mr. Amanfu, said: “I don’t know of any proposed merger. None of the banks have even put forward to me a proposal for merger. The point is that GCB is listed. I have called the MD of NIB; I have spoken to the MD of GCB. They said that they have not spoken to anybody about a merger or acquisition. So I don’t know where the person got the story fromâ€.
He emphasized that being a listed entity, GCB bank could not initiate the process of any merger or acquisition deal without first consulting its shareholders: a process which would obviously involve the nation’s central bank as well as other stakeholders of the banking industry and would draw considerable media attention.
In recent weeks, the GCB has, alongside current stock market leaders like the Standard Chartered bank as well as consumer company - Â Fan Milk Ghana Ltd, have had impressive performances on the stock market.