Omnibank Ghana, Sahel Sahara now Omnibsic Bank

A Statement issued by Omnibank Ghana Limited and Shahel Sahara Bank Ghana Limited (BSIC) indicated that the two have become one new entity called Omnibsic.

The statement added that, effective March 4, 2019 the bank begin operations with branch strength of 46 and customer base of over 125,000.  It also comes with total asset size of GH¢1.22billion and a permanent staff strength of 614.

The merger was required by the need to boost capital to meet the Bank of Ghana’s minimum capital requirement of GH¢400million.

According to the statement :“This merger represents a pooling of the expertise of two major banks with strengths in various banking services – to provide more opportunities, increase access and make the merged entity attractive to the banking public”.

With the new theme, ‘Together we give you more’, the merger comes with numerous benefits: including a wider branch network, selection of best user-friendly and robust electronic banking platforms, and a stronger balance sheet.

The new bank comes with a variety of products and services with several correspondent banking partners and international trade lines.

“In line with our strategic vision, customers will continue to be at the centre of our activities. We are poised to become the bank of choice in excellent customer service.

“We remain committed to delivering enhanced products and services, including Corporate banking, commercial and retail banking, digital banking and trade finance delivered through excellent customer service to our over-160,000 customers in the country, and millions of others across the continent,” the statement assured the public.

The new bank also guaranteed that there will be no immediate job-losses as agreed between shareholders.

The statement further said, as part of the merger process there is an ongoing effort to achieve a smooth and continuous integration and capacity building to make sure all staff are trained to reach the bank’s vision.

The transaction was supervised by Bora Capital Advisors, an indigenous financial advisory and investment company.

Assets and liabilities before merger

Before the transaction, Omnibank served about 125,000 clients via its 29-branch network and 25 ATMs across the country. As of 30 June 2018, it had a total asset size of GH¢603million.

The bank total loan volume was GH¢223million against customer deposits of GH¢447million. The company employed about 352 permanent staff.

Sahel Sahara Bank had about 30,000 customers via its 17-branch network and 17 ATMs across Ghana.

The bank started operations as a licenced universal bank under the trading name ‘Sahel-Sahara Bank’ on March 25, 2008.

The statement added that, As of June 30, 2018, BSIC Ghana had a total asset size of GH¢623million and its total loan volume was GH¢286million against customer deposits of GH¢477million. It also had 262 permanent staff and the BSIC Group itself has a stated capital of €500m.