Premium, Sahel, GN Bank set to merge pending BOG’s approval

Premium Bank, Sahel Sahara bank and GN bank have sealed talks that would lead to merging the three institutions.  

Sources say they are now waiting for Bank of Ghana’s approval to give the necessary blessing to this “marriage” before it can be deemed as finalized. 

Sources say the merger talks was said to have been finalized earlier this month. 

An email has already been sent the some of the staff of these banks about this move. 

An announcement could be made by the Bank of Ghana after it grants the approval or possibly the lead institution that is GN Bank. 

The Bank of Ghana could at the Monetary Policy Meeting on Monday give details of commercial banks that have submitted proposals to merge.

Why the “marriage”

JoyBusiness understands that the deal was closed by finance house Gold Cost and is to help them meet the new capital requirement of GH¢400 million by December this year.

More mergers  

Two other local banks, which we want to hold on to their names, for now, are in talks and could also finalize a deal before the close of this week.

BSIC GROUP

BSIC is a financial institution created by the community of the Sahel Sahara States, otherwise known as (CEN-SAD). CEN-SAD is made up of 28 countries including; Libya, Sudan, Benin, Burkina Faso, Central African Republic, Cote d'Ivoire, Gambia, Ghana, Guinea, Mali, Niger, Senegal, Chad and Togo where BSIC currently has affiliates.

The BSIC Group was formed pursuant to a convention signed in Tripoli by the Heads of States of the CEN-SAD community on April 14, 1999. The main objective of the Group is to remove the geographic and language barriers between CEN-SAD member states by promoting intra-regional trade and investment in Africa.

FINANCIAL STRENGTH OF BSIC GROUP

The BSIC Group has a stated capital of 500 Million Euros. The shareholders of the Group are the various member States of CEN-SAD. The Group aims to mobilize financial resources from all over the world and channel them to the productive sectors of the economies of member states.

Profits from the Group's operations are ploughed back to support developments in the member countries.

SAHEL-SAHARA BANK (BSIC GH. LTD)

As a subsidiary of the Group, BSIC (Ghana) Limited started its operations as a licensed universal bank, under the trading name 'Sahel-Sahara Bank' on March 25, 2008. The Bank currently has 17 branches in 6 out of the 10 regions of Ghana and plans to cover all the 10 regions in the coming years.
 
PREMIUM BANK

On Monday 12th December 2016, Premium Bank Ghana Limited was officially inaugurated to the public.

Premium Bank, formally known as City Investments Company Limited (CIC), secured the Bank of Ghana’s approval to commence business as a bank on 20th April 2016. The institution has therefore been granted the license to offer various banking services to its customers. 

Today, Premium Bank operates two banking branches: The Accra Main, and Takoradi branches with the Head Office in Osu. It comprises of a strong workforce employee, selected with a mixture of high academic qualifications, experience, professionalism and young, budding talents with the hunger and desire to work.

Premium Bank is an approachable and friendly bank with the purpose of supporting and growing customers’ businesses by providing a range of relevant banking services to them with the assurance that “you’re better off with us”.

GN BANK

GN Bank was incorporated on May 30, 1997. Their goal is to provide unparalleled excellence in service anytime, anyplace and anywhere. 
The bank offers a wide range of innovative financial products including employee loans, checking and savings accounts, consumer and residential loan products.