Workers of Merchant Bank petition Central Bank over First Rand takeover

Business News of Wednesday, 24 April 2013

Source: Joy Online

Staff of Merchant Bank has charged the Governor of the Bank of Ghana to fast track the approval of First Rand’s takeover of Merchant Bank or risked the institution going down or losing its license to operate.

A petition to the governor cited by Joy Business paints a sorry state of the bank, unless an investor brings in some capital to resuscitate the financial institution.

The petition also reveals that the bank has also fallen short in meeting the Central Bank’s capital adequacy ratio to operate.

According to the staff, one of the surest ways their jobs can be protected is when First Rand’s takeover is approved by the Central Bank.

They also argued that they remain resolute in going ahead with their plan to hit the streets, if the deal is not approved.

Merchant Bank last year accepted, 176.4 million Ghana cedis offer from First Rand in exchange for 75 percent stake in Merchant Bank.