Mali based Bank of Africa Group is set to take controlling interest in Amalbank.
Joy Business has gathered the bank is to acquire a 60 percent stake and is coming in as a strategic investor to help it meet the new minimum capital requirement by the Bank of Ghana.
The proposed marriage is however yet to get the blessing of the Bank of Ghana as the Central Bank is currently carrying out the necessary due diligence.
Bank of Africa currently operates in 9 countries in Africa and a representative office in Paris and had a total asset base of a little over 2.5 billion Euros at the end of 2009.
It also has three leasing companies, two investment companies and one brokerage firm.
Joy Business has learnt there will be more acquisitions and mergers in the banking industry as some of the foreign and local banks strategize to meet the capital requirement by the Bank of Ghana.