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Business News of Monday, 17 September 2018

Source: Class FM

Heritage, Premium, GN banks to merge

Three local banks, Heritage Bank, GN Bank and Premuim Bank are in merger talks ahead of the 31 December 2018 deadline given by the Bank of Ghana for all commercial banks to recapitalise to GHS400m.

The three banks have already notified the Bank of Ghana (BoG) of their merger talks and waiting for the regulator’s approval so they can conclude their negotiations.

Heritage Bank has established at least seven branches, with four in Accra (Airport City, East Legon, Dzorwulu, Abossey Okai), two in Kumasi (Adum and Suame-Magazine) and one in Tema, within its short period of operations.

The bank has some of the most efficient digital banking platforms and consumer asset finance loan offerings on the market, as well as a host of other bespoke products.

Sahel Sahara Bank was involved in similar merger talk with Premuim Bank and GN Bank but later opted for a merger with OmniBank.

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