Meridien BIAO changes hands

The Social Security and National Insurance Trust (SSNIT), has assured customers of Meridien BIAO Bank that there is no need for panic withdrawal.

In an article in the Daily Graphic, SSNIT is reported to have assured customers that the bank is safe and that the bank will continue to assist its customers to transact all forms of businesses.

Mr Kodwo Ahlijah, General Manager, (Finance) of the Trust who gave the assurance while throwing more light on the take-over of the bank in an interview indicated that the Ghana branch has been making profits of about C100 million a month.

Mr Ahlijah said the take-over of the assets and liabilities of the bank by SSNIT and Ghana Reinsurance Organisation (GRO) does not mean that the bank is bankrupt and therefore, customers will lose their savings.

"What has happened to the bank is just a change in ownership and not that the bank has folded up", he added.

He explained that the take-over is to forestall the situation where the Ghana branch of the bank would experience the fate that has befallen the international group and its affiliates. With this take-over, he said the Ghana branch has severed all relations with the mother bank and the new owners are determined to give a new lease of life.

On the future plans for bank, Mr Ahlijah said a new name will be announced soon after which a major restructuring will be undertaken under a new management to be announced shortly.