OmniBank with Sahel Sahara Bank's merger has finally been approved by the Bank of Ghana (BoG).
Both entities after the merger will be known as Omni-BSIC Bank Ghana Limited.
The process to merge started five months ago when officers of the central bank constantly met those from the two banks.
According to Graphic Online the approval was granted this week, paving the way for proper integration of their operations, human resources and interfacing of their banking software to begin.
Graphic Online further states that the new bank has three shareholders – the BSIC Group (which owns Sahel Sahara Bank), the Jospong Group (owners of Omni Bank) and the Ghana Amalgamated Trust (Limited), the special purpose vehicle that is investing in solvent and well governed local banks.
Neither of the two banks nor the central bank responded to requests by Graphic Online for comments.
However, Graphic Online was briefed that the central bank’s approval, which is the final hurdle in the merger process, is subject to the satisfaction of some key conditions.
Although the two banks are technically one entity now, they still require time to complete the interfacing of their systems to allow for customers to transact business from either of their branches.
The transaction is being overseen by Bora Capital Advisors, an indigenous financial advisory and investment company.