Fortiz acquires majority shares in Merchant Bank

cediFortiz Private Equity Fund, with approval of the Bank of Ghana, has acquired majority shares in Merchant Bank (Ghana) Limited.

“Together with the General partner of the Fund, First Bank Financial Services Limited, we believe we have the requisite human and financial resources, as well as the capacity, to turn around the fortunes of Merchant Bank”, said Fortiz Equity in a press release copied to the Ghana News Agency on Friday.

The wholly-owned Ghanaian company stated that it was part of its mission to invest in distressed companies, restructure and revamp them in order to generate long-term value and profitability.

It assured all stakeholders in Merchant Bank that it had put in place appropriate strategies and measures to grow the Bank to become one of the top three banks in Ghana, and also venture into the West African market.

“In due course we shall unveil our plans to make Merchant Bank the bank of choice not only in Ghana but in West Africa.”

Merchant Bank (Ghana) Limited (MBG) provides a comprehensive range of banking services to its customers and clients, using its worldwide network of correspondent banks and their agencies.

According to the release, the branch network of MBG currently stands at 21 with plans afoot to extend its services to the Northern and Brong Ahafo regions soon.

The range of MBG’s banking services include Domestic and International Banking Operations, Treasury Services, Money and Capital Market Operations, and Foreign Remittances.  The Other additional specialist services by MBG Group for its customers are Registrar Services  and Corporate Finance & Advisory Services.

It stated that MBG had taken advantage of the opportunities offered by the introduction of Universal Banking Business in Ghana had fully developed all three areas of universal banking, namely Retail, Corporate and Investment Banking.


Source: GNA

Leave A Reply

Your email address will not be published.