Bayport, C.F.C Merger Will Grow Company After Approval- CEO

Managers of Bayport Financial Services have projected that a merger with CFC Savings and Loans will shoot the customer base of the company from 100,000 to 130,000.

The merger which is yet to be approved by the Bank of Ghana(BoG) will move the company from financial services company into a savings and loans company.

Speaking to Citi Business News after the company presented its “Facts Behind the Figures” at the Ghana Stock Exchange, the Managing Director of Bayport Financial Services Limited, Mr. Kofi Adu Mensah was optimistic the merger if approved by the BoG will position the company as a leader in the industry.

According to him, the two companies operate in the same industry hence it will make business sense for the company to merge, subject to approval by the central bank.

“We have made proposal to the Bank of Ghana, it is not a merged company yet, but we hope that the Bank of Ghana will approve it. It is significant because like I said we are doing the same business with CFC Savings and Loans Company,” he said.

He disclosed that the two companies have the same majority shareholder which made the discussion for the merger successful.

“The majority shareholder is the same, we are competing in the same market why can we not leverage on our synergies and that is exactly what we are trying to do to make sure that we use the best out of the two companies to grow a bigger company. It is significant because it will give us a bigger market share to afford us the opportunity to grow bigger in the future,” he said.

Mr. Mensah assured that the merger if approved by the Bank of Ghana will not affect customers of both companies.

He pointed out that, the merger will rather benefit the customers of both companies since it will expand the capital base of the companies.

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(Via: CitiFM Online Ghana)