First National Bank Ghana Acquires GHL Bank
irst National Bank Ghana, is pleased to announce that it has acquired hundred percent of GHL Bank.
It says effective Wednesday 6th May, 2020, GHL Bank will become a subsidiary of First National Bank Ghana.
First National Bank Ghana Limited is a 100% 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. Chief Executive Officer of First National Bank Ghana, Richard Hudson said "Plans are well under way to merge the operations of the two banks. We further believe that this merger will demonstrate and further cement our commitment to the Ghanaian market. We recognize 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.” The First National Bank Ghana says customers of both banks are being advised to continue doing business with their current bankers (i.e. either First National Bank or GHL Bank). The bank says new developments will be communicated in due course.
Story by: Joshua Kwabena Smith