Business News of 2014-04-24

Merchant bank now Universal Merchant Bank

Merchant Bank has been re-branded to Universal Merchant bank.
Customers of Merchant bank will from today see a different look for the bank.
The bank yesterday re-branded from Merchant Bank to Universal Merchant Bank.
This will see its former colours blue and white change to black and yellow.
The bank following its new look and image intends to reclaim its position as the premier corporate bank and expand into retail banking.
CEO of the bank Nilla Serlomy says the latest move will lead to an improvement in growth, products new ideas among others.
Merchant bank was acquired by Fortis a Private Equity Fund last year.
Fortiz paid GH¢90 million for a majority stake in the bank.
The amount gave them a controlling stake of 90 per cent in the bank, leaving the minority 10 per cent to the country’s pensions fund manager, SSNIT.
Fortiz, which undertakes private equity investments in strategic sectors in the economy and on the continent at large, bought the 90 per cent stake from SSNIT and the SIC Financial Services Limited.