GCB, NIB merger false – BoG

The Bank of Ghana is not aware of any proposed merger deal between GCB Bank and the National Investment Bank (NIB).
Speaking to Accra-based Citi FM, the Head of Banking Supervision at the Bank of Ghana, Raymond Amanfu said such proposal has not been brought before the Central Bank.

“As I sit, I don’t know of any proposed merger. None of the banks has even put forward to me a proposal for merger. The point is that GCB is listed. I have called the MD of NIB; I have spoken to the MD of GCB. They said that they have not spoken to anybody about merger or acquisition. So I don’t know where the person got the story from,” he said.

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Amanfu explained that there are loans that govern merger and acquisition deals. He added that banks must, therefore, follow such laws.

He cited that the GCB bank, for instance, is listed on the stock market and would, therefore, have to go to its shareholders for approval if they have such plans.

Media reports suggested that GCB Bank Limited had started a process which will see it take over the National Investment Bank (NIB).
According to Graphic Business, a source told them discussions have started at the boards level between the two banks.
However, Amanfu said such media reports of mergers among some are false since they are yet to present such proposals to the Bank of Ghana.