Merchant Bank MD asked to step aside by Board

Citi Fm is reporting that the Managing Director of Merchant Bank Ghana Limited, Mr. Blaise Mankwah has been asked to step aside effective Friday October 5th. No official explanation has emerged with respect to the reason for the move but sources close to the bank say the Management Board did not appear satisfied with the Managing Director and thought it wise to ask him to proceed on leave. Information is rife that the decision was taken on Thursday after a crucial board meeting with all the Board members present. A long time Executive Director of the bank, Mr. Paul Baah Sackey has been instructed by the Board to act as the Managing Director until a substantive one is appointed. The handing over ceremony, it is believed, took place this morning.

It would be recalled in April 2003, Merchant Bank Ghana Limited issued a statement to the effect that Mr. Chris Nartey, then the Managing Director of Merchant, had resigned from the company. The statement signed by the then Acting Board Chairman, Mr. Blaise Mankwah, indicated that Mr. Nartey notified the board of his intention to resign. There were however, reports at that time that the Board directed Mr. Nartey to resign his position. Merchant Bank Ghana Limited was incorporated as a bank in August 1971 and commenced business in March 1972 as the first Merchant Bank in Ghana.

The bank won five top awards in the last banking awards organized by the Corporate Initiative Ghana. It was instrumental arranging the formation of the mortgage company (which is now the HFC Bank Limited) It also served as an advisory body during the acquisition of SSB Bank by Societe' Generale; and during the merger of Ashanti/Anglogold. The branch network of Merchant Bank currently stands at 13 with plans afoot to expand to 22 by 2010.