BoG confirms Access, IBG merger in Ghana

The Bank of Ghana (BoG) has approved the merger of Access Bank Ghana and Intercontinental Bank Ghana.

The BoG has approved the change of control processes for IBG’s operations within Ghana.

It is expected that IBG will be merged with Access Bank Ghana by the second quarter of 2012. Till then, both banks will operate as separate legal entities under the control and management of Access Bank Plc.

The approval from the BoG has given way to the reconstitution of the board of IBG with the deputy managing director of Access Bank in Lagos, Herbert Wigwe, being appointed as the new board chair of the bank.

Other members of the board include Obeahon Ohiwerei, non-executive Director, Yomi Akapo, non-executive Director, Isaac Sam, non-executive Director, Mawuli Ababio, non-executive director and David Aluko, the new Managing Director of the bank in Ghana, who takes over from Albert Mwengwa, on December 15.

Meanwhile, a panel of eminent persons set up by the BoG to look into the merger of the Trust Bank Ltd with Ecobank Ghana Ltd continues with its work this week.

The panel was set up to conduct a wide-ranging hearing of the contending issues and advise the bank on the way forward.

This follows agitations from a section of the public over the planned merger. Membership of the Panel includes a retired senior banker, a distinguished legal practitioner and financial expert in mergers and acquisitions.

 

Credits:mycitfmonline.com/Ghana

 

This article was originally posted on Africa Banking Network

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