First National Bank Ghana has announced its 100 percent acquisition GHL Bank.
Effective Tuesday, 5th May, GHL Bank will become a subsidiary of First National Bank Ghana.
First National Bank Ghana Limited is a 100 percent subsidiary of the FirstRand Group, the largest financial institution group, as measured by market capitalization, in Africa.
GHL Bank Plc is Ghana’s leading provider of mortgage financing.
The transaction has been approved by the boards of the two banks and has received the required regulatory approvals from the Bank of Ghana and the South African Reserve Bank.
Richard Hudson, Chief Executive Officer of First National Bank Ghana said, “Plans are well underway to merge the operations of the two banks. We believe that this merger will demonstrate and further cement our commitment to the Ghanaian market.
“We recognise that the economy is under a lot of pressure as a result of the COVID-19 pandemic but we remain excited about the future of banking in Ghana.”
Customers of both banks are being advised to continue doing business with their current bankers (i.e. either First National Bank or GHL Bank).