Three institutions apply to take over Merchant Bank

Three financial institutions have formally applied to take over Merchant Bank Ghana Limited. Joy Business gathers these are only requests the Social Security and National Insurance Trust (SSNIT) - the state pension trust - has so far received from institutions interested in the bank.

SSNIT earlier this year announced that plans to look for new owners for the bank after it rejected an offer from South Africa's First Rand. Sources say the applications of these firms have been sent to accounting firm KPMG for the necessary scrutiny.

A source close to state pension trust tells Joy Business they would be looking for institutions that can manage and have the financial muscle to run Merchant Bank.

First Rand is however, not part of the banks that have expressed interest in Merchant Bank. First Rand in August told Joy Business, despite losing out on Merchant Bank, they are still interested in acquiring a bank in Ghana.

In a related development, Director of the bank's Board, Marian Banor has resigned her position from the bank.

In her resignation letter, addressed to the chairman of the board of trustees of SSNIT, she said “my resignation is prompted by recent events which in my view erode the confidence in the role and work of the Board of Directors”.

“On the grounds of principle, therefore, I consider that increasingly my role has become redundant and I do not want to compromise the firm principles of corporate and institutional governance which have guided my service to the country, the Bank and the Board as its Chair”. Mrs. Barnor said.

She expressed gratitude to all her colleague directors and management of the bank for their support stating that “Together we have sought to reposition the bank and ensure its survival”.