Merchant Bank Expresses Interest In ADB

The Stanbic/ADB takeover issue has taken a different twist with the Finance Ministry revealing that Merchant Bank Ghana Limited has also expressed an interest in acquiring a stake in the bank. Stanbic bank has been the subject of a proposed takeover of ADB over the past months, with government insisting that it is ready to sit down for discussions with the South African bank.

Though Stanbic has tabled an indicative offer for ADB at $80 million dollars, it admits the offer could go up after a proper assessment and evaluation of the bank. Despite fierce resistance from workers of ADB and civil society concerning the takeover, it appears the bank could make headway as government has said categorically that it intends to sell a stake in the bank.

But in a sudden twist to events, Deputy Finance Minister, Dr. Anthony Osei Akoto has declared that Merchant Bank has also expressed an interest in the bank.

He hinted CITI FM on the sidelines of the ministerial vetting that that the Management of the bank has verbally expressed an interest and the Ministry has asked them to put the offer in writing and table it before government. It is not clear whether Merchant is considering using ADB as a third force in their merger with the Trust Bank which is set to be concluded soon.

The merger between Merchant and the Trust Bank has been on the cards for a while and indications are that it will soon be endorsed by government after the listings of SIC and GOIL on the Ghana stock exchange. Already another bank, Rabobank from Holland, has also expressed an interest in the Agric bank. Analyst say the sudden desire by some banks to own a stake in ADB is due to its wide appeal and its high network of branches which covers the whole country