Further, section 54 of the Banks  2  BIS Review 30/2001  Act says that no arrangement involving a bank and no arrangement for the transfer of the bank’s assets and liabilities, or a part of them, can be legally executed unless the consent of the minister of finance is conveyed through the Registrar.
This section does not contain a provision requiring consultation with the Competition Commission. In applications like these, the Minister of Finance has to be satisfied that the proposal is not contrary to the interests of the public, the depositors, and the bank concerned or to its controlling company.