Bank of Africa eyes control of Ghana's Amalbank - report.

By bne IntelliNews January 3, 2011
Mali-based Bank of Africa is looking to acquire control of Ghana-based Amalbank, Joy Business reported, without naming sources. The strategic investor is to acquire a 60% stake to help it meet the new minimum capital requirement set by the Bank of Ghana, Joy Business said. Amalgamated Bank Limited (Amalbank), which was incorporated in 1997, operated 18 branches at the end of 2009. The bank's total assets grew by 15.3% in 2009 to reach GHS 347mn (USD 233.5mn) at the end of the year, its annual report shows. Amalbank's domestic market share in terms of total assets and deposits stood at 2.6% and 3.3% respectively at end-2009. The Bank of Africa Group, founded in 1982, is present in 12 countries through a network of commercial banks and financial companies.

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