SA’s FirstRand to offer $91m for 75% stake in Merchant Bank Ghana – Report
South African based bank, FirstRand, is about to make a payment of 746.2 million rand ($91 million) to buy 75% stake in Ghanaian bank, Merchant Bank, reports say.
The deal has the approval of Ghanaian shareholders and entails a subscription of new shares worth 154 million and acquisition of shares worth 592.2 million rand, Reuters reported today August 22, 2012 citing a statement issued by FirstRand.
The transaction also excludes some loans on MBG’s balance sheet, which existing shareholders will acquire and continue to collect outstanding balances, the report said.
Merchant Bank Ghana is a medium-sized retail and commercial lender with 22 branches across the country.
By Ekow Quandzie
Ekow that was a good report. Keep it up