Tag: Omnibank
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Panic withdrawals: Don’t be anxious of capital flight – Nana Otuo
Banking Consultant, Nana Otuo Acheampong has downplayed effects of the ongoing panic withdrawals that have hit local banks. It follows fears that the situation could lead to capital flights which will distort economic growth considering the magnitude of withdrawals that may be involved. The uncontrolled withdrawals embarked on by customers of banks and specialized deposit…
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Businesses, bankers push for drop in BoG’s policy rate
The Monetary Policy Committee (MPC) of the Bank of Ghana may take any decision but increase its policy rate for banks. These are the indications from businesses and banks ahead of the announcement of the policy rate later on Monday [September 24, 2018]. The MPC has since the beginning of the year reduced its policy…
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Omnibank, Sahel Sahara to spend GH¢1.2m on merger
It will cost about one million cedis to complete the merger between Omnibank and Sahel Sahara bank. This is the information available to Citi Business News from management of the two banks. The disclosure comes on the back of the signing of a Memorandum of Understanding between the two banks. The merger process involves the…
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Omnibank, Sahel Sahara advance with merger process
Omnibank and Sahel Sahara bank are hopeful meeting of meeting the new minimum capital requirement by December 2018. The two banks which are in a process to merge say their hopeful that the stronger bank to be created will support the country’s financial sector. Following the Bank of Ghana’s no objection to the merger on…
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Nduom blames botched merger on breach of confidentiality
CEO of GN Group of companies, Dr Papa Kwesi Nduom has stated that the reason for pulling out of an initial merger that was supposed to take place between GN Bank, Sahel Sahara and Premium Bank was due to lack of confidentiality from one of the banks. In July, reports stated that the three banks…
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Banks ‘suffocating’ under Finatrade’s GH¢1bn debt
Despite assurances given by Former Finance Minister Seth Terkper that a debt owed banks by Finatrade will not create any challenges, it appears the assurance has failed as Royal Bank is partially blaming the development as a cause for the revocation of its bank’s license. The now defunct Royal Bank in a response to the…
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Industry targets a drop in BoG’s policy rate today
Businesses are seeking that the Bank of Ghana (BoG) will reduce its lending rate again as it announces a policy rate today, Monday, November 27, 2017. They believe that the development should trickle down on interest rates paid on loans they contract from their banks going forward. The expectations are ahead of the Monetary Policy…
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Fintech won’t lead to job losses – OmniBank MD
Some bankers have ruled out huge layoffs of their human resource following the adoption of modern technologies in their operations. According to them, the job losses could largely be blamed on the inability of institutions to draw a clear balance in their innovation. “We developed some innovative products which we call the Omni Bank pay…