Energy Commercial Bank, First Atlantic Bank to merge for GH¢400m capital
December 10, 2018
Energy Bank and First Atlantic bank have begun merger talks in order to raise the 400 million cedis minimum capital requirement for banks.
Citi Business News understands that a Memorandum of Understanding (MoU) has been signed awaiting further action from the two sides.
Per the MoU, Energy Commercial Bank and First Atlantic Bank will join forces and then look for an additional partner in order to meet the new capital levels.
This is because checks on their financial statements show that a merger of the two will still fall short of the 400 million cedis.
For instance, the financial statement of Energy Bank shows that as at September this year [2018], its stated capital stood at 60 million cedis while that of First Atlantic Bank stood at GH¢168,678,000 for the same period.