The Central Bank has approved pplans by Social Security and National Insurance Trust (SSNIT), to transfer its majority interest in Merchant Bank to FORTIZ. Joy Business gathers that the approval was secured Friday, October, 31, 2013.
It is unclear if the approval was based on due diligence on Directors of the Fortis or the planned capital injection into Merchant Bank.
Already, the deal is poking questions in respect of who the Directors of Fortis are and how much capital they are bringing into the Bank.
Sources however say, the equity fund is proposing to inject 36 million Ghana cedis as cash for a 100 percent stake in the Merchant Bank.
Fortiz also plans an extra undisclosed injection spread over a number of years. However Joy Business has also learnt, there is another proposal that FORTIZ is making to buy Merchant Bank for 90 million Ghana cedis to acquire 90 percent stake in Merchant Bank.
Latest Stories
-
German-based Kanzlsperger makes medical donation to WAFA
53 mins -
It could take over 100 years for Ghana and other African countries to become ‘developed’ – Report
54 mins -
AEC 2024 renews momentum to lift Africa out of poverty despite global shocks
1 hour -
Can RFK Jr make America’s diet healthy again?
1 hour -
Maiden Women in Chemical Sciences conference opens with a call for empowerment
4 hours -
We’ll reclaim all Groupe Nduom stolen assets – Nduom declares
4 hours -
Center for Learning and Childhood Development Director Dr Kwame Sakyi honoured at Ghana Philanthropy Awards
13 hours -
Asantehene receives 28 looted artefacts
14 hours -
CAF WCL 2024: Ghana’s Thelma Baffour wins title with TP Mazembe
14 hours -
Benjamin Boakye slams politicisation of energy sector issues and ECG’s inefficiencies
14 hours -
Erastus Asare Donkor and Dr Neta Parsram win big at 10th Mining Industry Awards
15 hours -
Government is “suppressing information” about power sector challenges – IES Director
15 hours -
Majority of our debts caused by forex shortfall – ECG Boss
15 hours -
Pan-African Savings and Loans supports Ghana Blind Union with boreholes
16 hours -
Bole-Bamboi MP Yussif Sulemana donates to artisans and Bole SHS
16 hours