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The Amalgamated Bank Ltd. (Amalbank), will soon become the Bank of Africa-Ghana (BOA) following a change of its shareholders. The bank has total assets of $300 million, the management have said in an announcement.
In an advert in the Daily Graphic issue of Friday April 1, 2011, the bank announced that BOA West Africa SA, a holding company of Bank of Africa Group has entered into an agreement to take over the shareholding of the Nigerian shareholders in Amalbank and has consequently taken a majority stake in the bank, adding that “the agreement has now been completed with the approval of the Bank of Ghana.”
Following this development, Ghana becomes the 14th country in which the BOA Group operates in Africa, the announcement said.
It also indicates that Amalbank was incorporated in Ghana in 1999 by private Ghanaian investors. In 2006, however, a private Nigerian shareholder took a significant stake in the bank.
While the current employees of the bank will be maintained, staff from BOA Group will be assigned to reinforce the bank’s management structures, it said.
By Emmanuel K. Dogbevi