First Atlantic Bank says it has exceeded the BoG’s GHc400 million minimum capital requirement paving the way for official merger talks with Energy Commercial Bank Limited.
“First Atlantic Bank is proud to report that we have exceeded the target of GHS 400 million within the specified time frame,” the Bank said in a statement, “The move paved the way for official merger talks between the two banks.”
In a statement signed by the Managing Director of the Bank, Odun Odunfa, last year, the Bank of Ghana (BoG) gave a “no objection” to a planned merger talk between First Atlantic Bank and Energy Commercial Bank.
“As we execute our vision of building a global bank out of Ghana, we commit to continue to be a credible and dependable financial partner to all our customers both existing and prospective,” the MD noted.
Read the full statement from the First Atlantic Bank below:
As we enter 2019, we can confidently affirm that First Atlantic Bank has once again proven its credentials as a major player in Ghana’s financial sector. We have established ourselves as the financial institution that helps to increase opportunities for our stakeholders through our purple experience.
One of the highlights of 2018 was undoubtedly the drive to meet the minimum capital requirement of Bank of Ghana. First Atlantic Bank is proud to report that we have exceeded the target of GHS 400 million within the specified time frame. As we execute our vision of building a “global bank out of Ghana”, we commit to continue to be a credible and dependable financial partner to all our customers both existing and prospective.
Against this backdrop, the year 2019 holds immense promise for us in the purple family, especially as we have obtained approval from Bank of Ghana for our merger with Energy Commercial Bank Limited. This process is in line with the vision of both banks to become a bigger and stronger player in the financial services sector. The merged entity will operate under the First Atlantic Bank brand which will ensure integration of respective channels, customers and staff of both banks.
As we welcome all customers of Energy Commercial Bank to the Purple Family, we commit to maintaining our high standards of banking service delivery and excellent customer care across all our diverse channels.
We are particularly thankful to our customers all over the country for their loyalty and commitment as well as our staff who continue to be leading lights for professional banking services across all our locations and channels.
On behalf of everyone in the purple family, we wish you a very happy and prosperous new year.