First National Bank consummates merger deal with GHL Bank
The merger between First National Bank and its subsidiary GHL, has finally been formalized. Henceforth, the brand will bear the name First National Bank Ghana.
The newly formed and strengthened entity will offer a portfolio of unique innovative ﬁnancial solutions for retail, corporate and investment banking to clients. The bank has also enhanced existing solutions for the housing and real estate markets.
The chief Executive Officer of First National Bank Ghana, Dominic Adu, said, “We are very excited about the work that we have done to-date and the resulting seamless synergies we have achieved with this merger. We believe that this merger will offer customers the advantage of a broader suite of banking products and services while maintaining our commitment to all our stakeholders.”
First National Bank Ghana has covered more grounds by opening branches in cities such Accra, Tema, Kumasi and Takoradi , providing customers with convenience and speed on their world class digital platforms, which makes convenient banking services available 24/7.
The Executive Director of First National Bank Ghana, Richard Hudson commented that this merger reﬂects First National Bank Ghana’s focus on helping individuals and businesses achieve their full potential.
“ He said, this is an exciting time for us, and we are committed to partnering with our customers on their individual or business journey. There are current challenges impacting general growth and opportunities in the ﬁnancial services sector, but we believe that our innovative approach to products and the focus on in-house digital banking solutions will give us the competitive edge.”
GHL Bank Acquisition
On May 5, 2020 First National Bank Ghana announced its 100 per cent acquisition of GHL Bank, with the latter becoming a subsidiary. 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.
The transaction was 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.