GN Bank, Sahel Sahara Bank and Premium Bank are set to merge into one bank.

The three indigenous banks have embarked on the move to meet the minimum capital requirement of 400 million cedis this year (2018) introduced by the BoG for financial institutions in the country.

This will be the first major merger between local banks after the introduction of the BoG requirement if approved by the central bank.

The transaction was brokered by Gold Coast Fund Management, a subsidiary of Groupe Nduom, owned by magnate Dr Paa Kwesi Nduom.

The three banks have reportedly concluded a merger deal that could be the first in a series of others to follow.

Sources confirm that the three institutions reached a deal earlier this month, paving the way for a formal announcement later this week.

The deal is however yet to be approved by the central bank which has received the banks proposal to merge.

If approved by the central bank, it will be the first merger which will be undertaken by local banks as part of moves to meet the minimum capital bank.

The Capital Requirement Directive sets the requirement by which banks will calculate their level of capital as spelt out under the Banks and Specialised Deposit-taking Institutions Act.

The Bank of Ghana says its implementation of the new Capital Requirement Directive start on July 1, 2018 however; banks will be expected to start full compliance by January 1, 2019.