OmniBank, Sahel Sahara bank complete merger; now OmniBSIC

OmniBank Ghana Limited and Sahel Sahara Bank Ghana limited (BSIC) have merged into a new entity named OmniBSIC.

The two entities thus will effective today (4th March) operate under the merged name Omnibsic.

The merger was necessitated in their bid to meet the meet the Bank of Ghana’s new minimum capital requirement of 400 million cedis.

An official statement released by the merged bank stated that “This merger represents a pooling of the expertise of the 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 statement further adds that the merger is expected to result in 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.

Below is the full statement:

FOR IMMEDIATE RELEASE

OMNIBANK AND SAHEL SAHARA BANK HAVE MERGED TO BECOME OMNIBSIC BANK GHANA LIMITED

ACCRA; March 4, 2019: OmniBank Ghana Limited and Sahel Sahara Bank, Ghana Limited (BSIC) are pleased to announce the completion of its merger process. The two entities will, effective 4th March 2019, operate under the merged name OMNIBSIC BANK GHANA LIMITED.

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. Thus, the theme of the merger is “Together we give you more”. Among the numerous benefits this merger brings include:

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.

We 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 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 8am to 5pm on weekdays and 9am to 2pm 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.

Welcome to the New Banking Experience. Together we give you more.

SIGNED

Contact:

Corporate Communications Department

 

Source: citinewsroom