TTB, Merchant Bank merger over

The Trust Bank Limited says it has discontinued the merger talks with Merchant Bank Ghana which have been going on for some time now, and has announced the bank is now financially solid enough to face any future transactions.

The discussion on the consolidation between the two banks, which both have the Social Security and National Insurance Trust (SSNIT) as their majority shareholder, was expected to be completed last year.

SSNIT has a 70 percent stake in TTB, while it owns about 35 percent shares in Merchant Bank.

Mr. Osei Asafo-Adjei, General Manager, Business Development, TTB, revealed that the Bank is currently worth over GH¢120 million and that it is now financially solid to face any future transactions.

The Bank has also met the GH¢60 million statutory minimum capital requirement proposed by the Bank of Ghana, ahead of the 2012 deadline.

“TTB is under very capable and experienced management, and is supported by a strong board under whose guidance the bank has undergone positive transformational changes and out-performed its peers in terms of profitability and shareholder value since its establishment in 1996.”

He made this disclosure on the sidelines at the official launch of TTB MoneyGram Money Transfer and said the ceremony is testimony to the Bank’s strategic vision of delivering a bouquet of funds transfer services on its network.

On the money transfer business, Mr. Asafo-Adjei said : “The Trust Bank is reputed to be one of the major players in the international funds transfer business in the country today.

“We are aware that MoneyGram has a long-standing relationship with consumers and has become a major player in the international funds transfer business.”

Mr. Asafo-Adjei said: “There is no doubt that consumers of MoneyGram are becoming more and more delighted with the product and its benefits. MoneyGram continues to facilitate the sending and receiving of funds to support families, pay for education and medical expenses, acquire properties and give a boost to small businesses.

MoneyGram can therefore be described as a strong player in the delivery chain of development agents in the Ghanaian economy, and it has consistently and efficiently managed other international funds transfer brands over the past seven years.
He promised MoneyGram an enhanced growth on the basis of requisite competencies and capabilities developed over the years.

“We are well-positioned to partner and deliver the expectations of MoneyGram with regard to their growth projections and strategic plan to be the number-one international funds transfer brand in the country.

“By becoming a principal agent for MoneyGram in the country, we are delighted to be a valued agent for a brand with a strong appeal and a continuously growing customer base,” Mr. Asafo-Adjei stated.

Gabriel Wilson, Marketing Manager-Anglohone, indicated that MoneyGram, picking from the early performance of TTB’s MoneyGram service, is convinced that TTB will in the near-future grow to be a key MoneyGram player in the country.

“We have observed from our short interaction with them that they display enormous passion, hard work, excellent customer service and very good understanding of customers and the market. No wonder TTB has bagged many local and international awards in the recent past.

“We are particularly excited that TTB is ready to roll-out a MoneyGram consumer promotion,” Mr. Wilson remarked.