Business News of 2013-12-04

Fortiz completes acqusition of Merchant Bank

Private Equity Fund, Fortiz has announced the completion of its acquisition of Merchant Bank Ghana Limited.

A statement signed by the Directors of Fortis said Fortiz has met the requisition and immediate conditions set by the Bank of Ghana and expressed appreciation to the staff and management of Merchant Bank for their support through the process.

Below is the full statement

Fortiz is pleased to announce the completion of the acquisition of Merchant Bank (Ghana) Limited. Fortiz has met the requisite and immediate conditions set by the Bank of Ghana and wish to thank the hard working management and staff of Merchant Bank for their support through this process. We also wish to thank the loyal customers of the bank who have stayed the course through the acquisition.

We are currently in the process of forming a strong executive team to execute the vision of the shareholders. Our vision is to build a formidable indigenous bank within the next 3 years in order to become the most preferred bank in the country.

Fortiz wishes to assure all stakeholders of Merchant Bank that our immediate and future plans include re-launching Merchant Bank into a modern, world class, indigenous banking institution.

In addition to our injection of capital into the bank, we will aggressively pursue ALL DEFAULTERS and reinvest recovered bad loans into the bank to ensure we have a sizeable balance sheet to support the growth of the bank's business and to enable us make the required investments to meet our customers’ need efficiently. Recognizing the importance of staff, we will also look to improving the working conditions of our team.

Fortiz is determined to list Merchant Bank on the Stock Market within the foreseeable future.

SIGNED:

DIRECTORS - FORTIZ PE