This means that GHL Bank has become a subsidiary of First National Bank Ghana.

In a statement to confirm this, it said that the transaction was approved by the boards of the two banks.

They have also received the required regulatory approvals from the Bank of Ghana and the South African Reserve Bank.

However, the two banks in messages to their customers indicated that they can continue doing business with their respective banks.

New developments will be announced in due course.

First National Bank and GHL Bank were part of three mergers that were announced by the Bank of Ghana after the recapitalization of all commercial banks in Ghana between September 2017 and December 2018.

Chief Executive Officer of First National Bank Ghana, Richard Hudson, said, “Plans are well underway to merge the operations of the two 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.”

First National Bank Ghana Limited is a 100% subsidiary of the FirstRand Group, the largest financial institution group, as measured by market capitalization, in Africa.

GHL Bank Plc is Ghana’s leading provider of mortgage financing.