OmniBank Ghana Limited and Sahel Sahara Bank, Ghana Limited (BSIC) have announced the completion of a merger process.
The two entities will, effective March 4, 2019, operate under the merged name OmniBSIC Bank Ghana Limited, according to a release issued on Monday.
“The merger was necessitated by the need to increase capital to meet the new Bank of Ghana Minimum Capital Requirement of GHS 400 million. This merger represents 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,” the release about the merger stated.
The theme of the merger is “Together we give you more”.
The merger is expected to achieve the following benefits:
- 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
- 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 statement added.
The merged banks said they 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 of others across the continent.
Additionally, 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 8 am to 5 pm on weekdays and 9 am to 2 pm on Saturdays.
The merger will also ensure 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.