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02.07.2009 Business & Finance

Trust Bank-Merchant Bank merger to click despite protests

By Joy Business/Myjoyonline
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The merger of the Trust Bank and Merchant Bank will take place despite the huge controversy that earlier dogged negotiations over it.

The Managing Director of the Trust Bank, Isaac Owusu Hemeng, told Joy Business the merger of the two banks would come off before the end of the year despite the obvious opposition to the deal.

“By the end of the year, you should see a new bank,” Mr Hemeng stressed.

The merger was scheduled to be consummated by June this year but that couldn't take place due to some strong opposition from the workers of merchant bank and other interest groups.

Despite the opposition stirring in the face of the propose merger, Mr. Owusu- Hemenng told Joy Business the two banks will become one within the next 6 months.
“The merger is on course because we have the full backing of the majority shareholder and as far as we are concerned, from our side, all the minority shareholders are in full support,” he said.

He was upbeat about a better post-merger performance.

“If the merger goes through you are going to see a new bank, a major domestic player,” he said.

He indicated that the merger is only a phase in a series of transformation programmes to be introduced into the “banking landscape.”

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