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Business News of Friday, 17 August 2018

Source: classfmonline.com

GN Bank, others will raise GHC600m - Nduom

CEO of GN Group of Companies, Dr Papa Kwesi Nduom, has said GN Bank and other banks are in talks to merge and, together, raise GHS600 million far beyond the Bank of Ghana’s GHS400 million Minimum Capital Requirement (MCR).

“The shareholders of the bank are still raising funds with the hope to get to a minimum of GHS6000 million by the end of this year”, Dr Nduom told the media.

“So, we want to exceed the minimum so that should anything happen nobody can say that you did not meet the minimum requirement”, he added.

Meanwhile, Dr Nduom has explained that GN Bank pulled out of merger talks with Premium Bank and Sahel Sahara Bank – which recently merged with Omni Bank – because of confidentiality concerns.

According to Dr Nduom, one the banks rushed to the media too soon with the merger talks.

“We were seeking approval from the Bank of Ghana for a no-objection to continue to talk, we got the no-objection and they even gave us a long merger requirement that we should keep.
“So, we were going to work on all those things and then I traveled, so when I left, one of the banks put out information that we were merging and that is not right because we were still talking”.