GN bank, Sahel and Premium bank agree to merge?

By Maame Aba Afful
GN bank, Sahel and Premium bank agree to mergeGN bank, Sahel and Premium bank agree to merge
GN bank, Sahel and Premium bank agree to merge

Reports reaching Prime Business indicates that three institutions, GN Bank, Sahel Sahara Bank, and Premium Bank have concluded a merger deal following the central bank's directive for all banks to meet a minimum capital requirement of 400 million Ghana cedis.

 The three banks began talks about a proposed merger this year and will announce their final decision this July 2018.

The merger deal will be the first among a series of others to follow in an effort to meet the minimum capital requirement by the end of the year.

The Bank of Ghana is however yet to approve the deal although it has received the banks' proposal.

The implementation of the new Capital Requirement Directive is set to begin on July 1, 2018, however, banks will be expected to fully comply by January 1, 2019.

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