Merchant Bank Is No More

Niila Selormey

Niila Selormey
Merchant Bank Ghana Limited has been re-christened as Universal Merchant Bank (UMB).

Niila Selormey, Chief Executive Officer (CEO) of the bank, commenting on the development noted: 'From today, the bank that you used to know as Merchant Bank is no more.  We are now the Universal Merchant Bank. This does not mean that the good practices and achievement of that bank are gone. Rather, it implies growth, new ideas, new and improved products.'

As proud parents train their child to grow properly and carry on the family name, the new leadership of the rebranded bank is bent on carrying that torch that was lit when the Merchant Bank was founded, she stated.

'We bring new experiences, new expertise and freshness to your bank. Welcome to tradition, freshness and the Universal Merchant Bank.'

The previous Merchant Bank faced many operational hurdles as a result of the indebtedness of some customers.

Owing to this, a bank from South Africa sought to takeover the then Merchant Bank but the deal could not materialize.

One of the major loan defaulters who is a relative of President John Mahama recently paid off his debts.

The bank had advertised in the dailies that it would take court action against its defaulters after a grace period.

By Samuel Boadi