Business News of 2014-04-22

Merchant Bank shows signs of recovery

The Managing Director of Merchant Bank, Ms Nilla Selormey, has confirmed that the bank is now a net depositor to the interbank market and no longer relies on the Bank of Ghana for financial support.

Ms Selormey said last year was a difficult year for the bank but noted that despite the challenges, customers supported the bank and stayed with it during the trying times.

She said the revival of its business in the first quarter of this year was indeed a testimony to the loyalty of its client base.

Ms Serlomey said that when she led a management team of the bank to pay a courtesy call on the leadership of the GA Traditional Council in Accra.

The visit was to introduce the new management of the bank since the change of ownership to the traditional rulers.

The management team included the Chief Operating Officer, Mr Stephen Antwi-Asimeng, and the Director of Finance, Mr Samuel Acquaye.

They were received by the Akamajay Mantse, Nii Ayikai III, the Gbese Mantse, Nii Ayibonte II, the Sakumono Wulomo, Nuumo Ogbeamy III, and the Acting President of the GA traditional Council, Nii Duodu Nsaki II.

The Merchant Bank MD called on Ghanaians to recognise and support local initiatives such as Merchant Bank as this was a purely Ghanaian-owned organisation which had the potential to make Ghanaians proud.

“It is because of this that we have come to introduce ourselves to you and ask for your support”, she added.

The Ag President of the GA Traditional Council, Nii Duodu Nsaki II, expressed his gratitude to the management of Merchant Bank for the visit.

He said the council had been working with the bank over the years and hoped that the working relationship would continue.

Nii Nsaki encouraged the bank to put the past behind it and work hard to turn the fortunes of the bank around.

He further mentioned that Merchant Bank had been a source of pride for most Ghanaians in times past and as a result, he was confident that this would be restored going forward.

As part of the visit, Merchant Bank made a cash donation and a box of Schnapps to the council.

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