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TTB denies merger with Fidelity bank

By Kofi Ahovi
Management of The Trust Bank Limited Ghana (TTB) has refuted reports that the bank has discontinued merger talks with Merchant Bank Ghana (MBG) and is now considering Fidelity Bank.
“The management of the TTB wishes to state emphatically that no such approach has been made to us by Fidelity Bank, neither are we aware also of any purported decision of the board and management of Merchant Bank to terminate the on-going merger discussions.”
An Accra based radio station last week reported that “the new board of Merchant Bank does not appear keen on the proposed merger, however, another bank, Fidelity, could be heading for The Trust Bank’ it further reporter “Our sources say this merger could even take place before the year ends, if the majority shareholder of The Trust Bank, SSNIT agrees to the deal.”
The Head of Marketing and Corporate Affairs of TTB, Daniel Kasser Tee, stressed that the bank is under very capable and experienced management and supported by a strong board under whose guidance it has undergone positive transformational changes and outperformed its peers in terms of profitability and shareholder value since its establishment.
“Management still believes that it makes good business and strategic sense to merge our operations with MBG but we wish to assure stakeholders that with or without viable and profitable operations whilst taking adequate steps to meet the new capitalization requirement well before the deadline by the regulator,” he stated.
The bank however hopes to complete the merger with MBG by the end of first quarter of 2010.

We remain reliable, responsive, efficient, honest and transparent in our dealings and shall accordingly make known to our stakeholders any material future development regarding the outcome of the on-going merger talks with MBG.

TTB was established in 1996 as a universal bank. Social Security and Nationals Insurance Trust (SSNIT) holds 61.11% majority share holding in the bank.
The bank has 19 branches and18ATMs across the country.

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