Royal Bank has indicated that it is indeed in talks to merge with another bank very soon.
There were earlier reports linking the bank to National Investments Bank (NIB) and Agricultural Development Bank (ADB) in a planned merger, but the Managing Director of Royal Bank, Osei Asafo – Adjei has denied these reports.
Speaking to JoyBusiness, Mr Asafo-Adjei said, “Hopefully, subject to the Bank of Ghana’s approval, we expect to make some announcement by the end of this month.”
He said, “Our customers are a bit apprehensive, they don’t know what’s happening but I’m taking this opportunity to assure all my customers that the bank is safe and that very soon we will come out with our recapitalization plan.”
Mr Asafo-Adjei said, “We will ensure that this bank will stay and that at the end of the day whether a merger or whatever, they will still have a strong financial institution to support them.”
Royal Bank is one of several local banks that are currently in discussions to merge to help meet the new minimum capital requirement of GH¢400 million by December this year.