Merchant Bank MD resigns

Information gathered by XYZ BUSINESS indicates that the Managing Director of Merchant Bank, Joe Tetteh, has served notice to the board of his resignation from the bank.

This follows the takeover of the bank by local equity firm Fortiz which has triggered fear among management of the bank.

XYZ BUSINESS has also learnt that an independent director, Professor Bill Pupulampu who is the Dean of Central University Business School has resigned from the board.

Professor Pupulampu’s resignation takes immediate effect.

Sources say the developments happened at a board meeting on Tuesday.

Management of Merchant Bank had attempted influencing the workers union to stop the sale of the bank to Fortiz Equity Capital.

However, the union XYZ BUSINESS learnt rejected the appeal because they had earlier warned management of the poor state of the bank.

The Bank of Ghana on November 1 approved the sale of Merchant Bank by SSNIT to local equity firm Fortiz.

This was after the board of SSNIT unanimously approved the 90 percent acquisition of the bank by the private equity firm.