Omni, Sahel Sahara banks merger completed

OmniBank Ghana Limited and Sahel Sahara Bank Ghana Limited (BSIC) have consolidated their operations into one entity.

A press release issued by management of the new bank over the weekend to announce the completion of the merger process said the two entities will from today, operate under the name OMNIBSIC Bank Ghana Limited.

The merger was necessitated by the need to increase capital to meet the new Bank of Ghana (BoG) minimum capital requirement of GH?400 million.

It will be recalled that the BoG on January 3, 2019 announced it had approved a merger of the two banks. They were placed together with five other banks under the Ghana Amalgamated Trust (GAT), a special purpose holding company formed to provide fresh equity capital to the undercapitalised but solvent banks.

Managers of the new entity said the merger represented 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.

According to them, the theme of the merger is ‘Together we give you more’.

“Among the numerous benefits this merger brings include a wider branch network, a selection of best user-friendly and robust electronic banking platforms, a stronger balance sheet, a variety of products and services, and 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.”

The new merged entity pledged to 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 others across the continent”.

“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 8am to 5pm on weekdays and 9am to 2pm on Saturdays,” the communication said.

Management of the merged bank gave assurance 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.