The new entity, will effective March 4, 2019 begin operations with a branch strength of 46 and customer base of over 125,000. It also comes with total asset size of GH¢1.22billion and a permanent staff strength of 614.
The merger was necessitated by the need to increase capital to meet the Bank of Ghana’s minimum capital requirement of GH¢400million.
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 .
Under a new theme, ‘Together we give you more’, the merger comes with numerous benefits: including a wider branch network, selection of best user-friendly and robust electronic banking platforms, and a stronger balance sheet.
The new entity, comes with a variety of products and services and several correspondent banking partners and international trade lines.
In line with our strategic vision, customers will continue to be at the centre of our activities. We are poised to become the bank of choice in excellent customer service.
OmniBISC Bank 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”.
The general public is assured that there will be no immediate job-losses as agreed between shareholders. Rather, as part of the merger process there is an ongoing effort to achieve seamless cultural integration and capacity building to ensure all staff are carried along to reach the bank’s vision.
The transaction was overseen by Bora Capital Advisors, an indigenous financial advisory and investment company.