Business News Fri, 4 Jan 2019

Omni, Sahel Bank set to fast-track integration process after BoG’s approval

Omni and Sahel Sahara Bank are now looking at fast-tracking the integration of their systems and personnel after the two banks secured Bank of Ghana’s approval to merge their operations.

The move was to help them meet the new capital required of GH¢400 million.

This is after five months of rigorous work between officers of the central bank and those from the two banks.

JoyBusiness understands the merged entity had a stated capital of GH¢280 million, while an additional GH¢120 million capital injection is coming from the Ghana Amalgamated Trust.

Speaking to JoyBusiness, the Deputy Managing Director of Sahel Sahara Bank Dr Kojo Aboagye-Debrah said “we have what we call a steering committee, we will meet next and then we will discuss the integration process on how we should inform the customers on what has come from the central bank. We will also discuss HR issues and after that, we will come out to the market.”

He said, “It’s a big market now, we have a big balance sheet and therefore we will be able to support their [customers] needs better.”

The committee tasked to work on the merger would be meeting from January 8, to finalize the merger.

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 insolvent and well governed local banks.

New bank

It is expected that the successful consummation of the deal will create a larger bank with almost 1,000 employees on its payroll.

It could also lead to a medium-size bank with 46 branches, servicing customers in seven regions nationwide.

Its total assets could also be in excess of GH¢1.3 billion, gauging from their respective balance sheets as of 2017.

Source: Myjoyonline.com
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