Merchant Bank’s Acquisition Deal Not Abrogated – First Rand Bank

South African bank, First Rand bank has told Citi Business News its acquisition deal with Merchant bank Ghana has not been abrogated.

Uncertainties hit Merchant bank’s future recently after news broke that the bank’s acquisition by the South African bank had fallen through.

This was after former President John Rawlings last week confirmed the deal had indeed been abrogated.

But First Rand bank in response to the matter in an email to Citi Business News stated the transaction is still in progress and moving according to the bank’s timetable.

The statement said: “As far as FirstRand is concerned the transaction is still progressing according to timetable.”

Citi Business News has also gathered that the bank of Ghana is likely to append its signature to the deal by the end of the year.

Merchant Bank in August this year announced First Rand bank had completed processes to acquire 75 percent stake in the bank.

This was after the bank’s largest shareholder pension fund manager, SSNIT approved the move. In the deal, FirstRand was to pay about $91 million for the 75 percent stake in Merchant Bank.