First National Bank Ghana has announced that it has acquired 100 percent of GHL Bank. Effective today Wednesday, May 6, 2020, 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 capitalisation in Africa. GHL Bank Plc is Ghana’s leading provider of mortgage ﬁnancing.
The transaction has been approved by the two banks’ boards and received the required regulatory approvals from the Bank of Ghana and South African Reserve Bank.
Richard Hudson, Chief Executive Officer of First National Bank Ghana said: “Plans are well under way to merge operations of the two banks. We further 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). New developments will be communicated in due course.