Three indigenous banks, GN Bank, Sahel Sahara Bank and Premium Bank are set to merge into one bank.
The transaction was brokered by Gold Coast Fund Management, a subsidiary of Groupe Nduom, owned by magnate Dr Paa Kwesi Nduom.
The merger was done to meet the minimum capital requirement of 400 million cedis this year (2018) introduced by the Bank of Ghana (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.
A formal announcement will be made this week.