You are here: HomeBusiness2017 09 15Article 581411

Business News of Friday, 15 September 2017


NIB denies GCB Bank takeover claims

The National Investment Bank (NIB) has denied reports that it would soon be taken over by the Ghana Commercial Bank (GCB Bank).

According to the bank, “there is NO ongoing discussions regarding a merger between GCB Bank and NIB or a takeover of NIB by GCB Bank.”

In a press release Friday, September 15, 2017, signed by the Board Secretary, Sheila Ofori-Diabene, the bank explained all the instances of claims of GCB Bank closing on a takeover. Advertisement

Below is the statement issued by the bank;

The Graphic Business Newspaper on Tuesday, July 11, 2017, published on its front page a story with the headline "GCB plans to take over NIB" written by Maxwell Akalaare Adombila. The fundamental claim of this story was that GCB Bank Limited had made overtures to take over the National Investment Bank Limited (NIB).

On the 25th of July, 2017 Starr FM Online published a news story with the headline "GCB Bank, NIB not merging - BoG". The story was generated from an interview Starr Business had with the Head of Banking Supervision at Bank of Ghana, Raymond Amanfu.

In the interview, Mr. Amanfu confirmed that in his investigations and feedback he had received from both Managing Directors of the two (2) banks, there was no such discussion regarding the supposed takeover.

The same Graphic Business news story which was published on July 11, 2017, has resurfaced, this time on social media (Facebook and Whatsapp) with Graphic Online being the source of the revised story.

The only difference, however, was in the purported date for the alleged meeting between the Boards of GCB Bank and NIB. Whereas the Graphic Business newspaper had stated 5th July 2017 as the date the meeting was held, the social media version stated August 15, 2017, as the meeting date.

By this statement, we wish to clarify and confirm that the Board of NIB was inaugurated on Friday, August 18, 2017. This is a clear indication that the NIB Board could not have been in any of the alleged meetings with GCB Bank.

We wish to assure all NIB customers, that there is NO ongoing discussions regarding a merger between GCB Bank and NIB or a takeover of NIB by GCB Bank. We appreciate your unwavering loyalty and the confidence you have reposed in NIB. We encourage current customers to keep doing business with NIB and prospective customers to join NIB, as we are determined to ensure excellent service delivery to you.

Issued by NIB Board of Directors.

Sheila Ofori-Diabene

Board Secretary