The Bank of Ghana (BoG) has given a “No Objection” letter to OmniBank and Sahel Sahara Bank as part of the processes required for a merger.

In a document sighted by Accra-based Citi FM, Omni Bank said they welcome the “no objection” letter from the BoG.

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“Following the “no objection” from the regulator, the two banks are working together to go through a process to meet all conditions in order to receive final approval from the Bank of Ghana.”

The merger is to help the two banks meet the 400 million cedis capital requirement set by the central bank by end of 2018.

Meanwhile, OmniBank has called on its staff to continue providing great customer service to make it a stronger partner to Sahel Sahara.

When successfully consummated, the deal could create a larger bank with almost 1,000 employees on its payroll and 46 branches, servicing customers in seven regions nationwide.

The total assets of the new bank are also expected to be in excess of GH¢1.3 billion, while the stated capital would be around GH¢213 million.

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However, the amount would still be way below the Bank of Ghana’s new minimum capital of GH¢400 million.

Meanwhile, a retired Deputy Governor of the BoG, Emmanuel Asiedu-Mante, believes it is not right to approve the merger of the two banks when they cannot meet the minimum capital.

Sahel Sahara bank earlier entered into a merger deal with the GN and Premium banks. But that was truncated following an accusation by CEO of Group Nduom that one party leaked information about the merger.

GN Bank opted out since it was a breach of confidentiality.