The Social Security and National Insurance Trust (SSNIT) announced on Friday that South African firm, FirstRand Limited’s offer to acquire Merchant Bank Ghana (MBG) could not be completed as announced in August 2012.
A statement issued by the Corporate Affairs Manager, Miss Evangeline Amegashie in Accra said the parties were unable to reach agreement on the commercial principles underlying the transaction and could not procure the fulfilment of all the precedent conditions.
It announced that SSNIT would start a new process to invite proposals from interested parties for the acquisition of the Merchant Bank Ghana.
The statement said “FirstRand Limited said it was disappointed not to have concluded the transaction,” adding however that, Ghana remained a priority country for expansion and the Group would continue to engage SSNIT on its new process.
Though FirstRand Limited in 2012 disclosed its intention to acquire Merchant Bank Ghana, it could not succeed because the original legal and regulatory time frame agreed had officially elapsed, it added.