The Bank of Ghana (BoG) has approved the merger between Ecobank and TTB.
This was after the three-member committee set up by the BoG to scrutinize the deal presented its findings to the Central Bank. BoG subsequently met top officials of the two banks on Thursday over the outcome of the committee�s findings.
The merger process was halted by the BoG following agitations from some groups protesting the merger. This means the share-swap process will recommence immediately.
The Social Security and National Insurance Trust (SNITT) will now offload its 6. 11 per cent interest in TTB to Ecobank.
The process was initiated a couple of weeks earlier but was halted by the BoG a day after shareholders of TTB unanimously voted that the shares be swapped. After the swap the integration process will take off.
Meanwhile, a source at Ecobank, has told Citi Business News the internal integration processes will also start as soon as possible.
All the workers of TTB are guaranteed their jobs unless anyone is willing to resign.
This is expected to settle allegations of potential job losses after the merger.
Source: Citifmonline.com
| Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
