Richard Hudson, CEO FNBG
First National Bank Ghana (FNBG) has announced a hundred per cent acquisition of GHL Bank.
A statement signed by the Corporate Affairs Directorate of FNBG said “effective Wednesday, May 6, 2020, GHL Bank will become a subsidiary of FNBG.”
FNBG Limited is a 100% subsidiary of the FirstRand Group, the largest financial institution group in Africa, as measured by market capitalization, while GHL Bank Plc is Ghana’s leading provider of mortgage ?nancing.
According to the statement, “The transaction has been approved by the boards of both banks and has received the required regulatory approvals from the Bank of Ghana and the South African Reserve Bank.”
The statement quoted Richard Hudson, Chief Executive Officer of FNBG, saying “plans are well under way to merge the operations of both 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.”
“Customers of both banks are being advised to continue doing business with their current bankers (i.e. either First National Bank or GHL Bank) and new developments will be communicated in due course,” the statement added.