Ghanian lenders Energy Commercial Bank and First Atlantic Bank have started merger discussions in order to secure the 400 million cedis ($80.2 million) minimum capital requirement for banks.
A memorandum of understanding (MoU) has been inked awaiting further action from the two companies.
Under the MoU, First Atlantic Bank and Energy Commercial Bank will combine and then seek another partner in order to meet the new capital levels.
Recently, Energy Commercial bank raised $13.6 million in an initial public offering to help it meet the minimum capital requirement.