GCB, NIB not merging – BoG

The Bank of Ghana (BoG) has refuted reports that the Ghana Commercial Bank (GCB) has instituted measures to take over the National Investment Bank (NIB).

Media reports recently claimed that there were moves for the two banks to consolidate to create the biggest bank in terms of assets in the country.

According to the Head of Banking Supervision at the Central Bank, Raymond Amanfo, his investigations show that no such deal is being considered.

According to him, none of the banks put forward a proposal in that regard saying, “I don’t know where that story is coming from because as I sit I don’t know of any proposed merger.”

“I have called MD [Managing Director] of NIB and that of GCB and they said they haven’t spoken to anybody about any merger,” Amanfo told Starr Business.

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