Business News of Thursday, 10 January 2019
Source: citibusinessnews.com
2019-01-10
First Atlantic Bank entered into a merger with Energy Commercial Bank for the recapitalization
First Atlantic Bank has announced that it has met the 400 million cedis minimum capital requirement.
According to the bank, its new capital position exceeds the 400 million cedis.
In a statement to confirm the bank’s new position, the bank said it will continue to be a credible and dependable financial partner to all its customers both existing and prospective.
First Atlantic Bank entered into a merger with Energy Commercial Bank for the recapitalization.
It followed Energy Commercial bank’s inability to meet its target for its Initial Public Offering to raise money to enable it meet the minimum capital level.
The merger is among three others which occurred during the period of recapitalization by banks.
Read the full statement from the First Atlantic Bank
