Managing Director of Merchant Bank which has now been rebranded as ‘Universal Merchant Bank (UMB)’ says the change in name has nothing to do with the difficulties it went through earlier this year.
UMB’s takeover by private equity firm Fortiz was greeted with serious criticisms which many analyst believe affected its brand and image.
But speaking to Joy Business after the official launch of the bank’s new brand, the MD, Nilla Selormy, said the rebranding is rather part of a strategy to reposition the institution as a universal bank.
“If people hear the name Merchant Bank and they associate it with corporate banking, you will not be able to achieve much by way of penetration into the retail space. So that is only the reason why we are rebranding. It has nothing to do with anything that happened last year”, Nilla Selormey said.
In a message at the launch of the new brand, Nilla Selormey also said her team brings “new experiences, new expertise, and freshness” the rebranded institution.
She said the controversy that ensued in the wake of the bank’s takeover by Fortis Private Equity Firm was “a total misunderstanding of issues”.
She also adds that the bank has been able to recover majority of debts owed by some of its customers.
The bank will go heavy on retail banking in the coming months as part of its rebranding strategy.
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