New owners of Merchant bank Fortiz Private Equity Fund Limited says it is confident the bank’s woes will be over soon following its takeover.
The sale transaction deal between Merchant bank and new owners Fortiz is expected to be completed this week after the bank of Ghana approved the sale early on.
Merchant bank has been on the market for some time now and moves to get it off yielded no positive results after its acquisition deal with South Africa First Rand bank fell through in July this year.
The troubled bank has for some time now had to contend with the bad loans on its balance sheet which is one of the major reasons for its growing woes.
But Fortiz is confident the fortunes of the bank will soon be turned round with it comes on board.
In a press statement from Fortiz copied to Citi Business News it said Fortiz has the human and financial resources and experience to manage the bank.
“We believe we have the requisite human and financial resources as well as the capacity to turn around the fortunes of Merchant Bank.
It is part of our mission to invest in distressed companies, restructure and revamp them in order to generate long-term value and profitability.’’
Fortiz further assures it has put in place appropriate strategies and measures to grow the bank to become one of the top three banks in Ghana and also venture into the West African market.
It says it will in due course it will unveil it plans to make Merchant Bank the bank of choice not only in Ghana but also the West Africa.
Fortiz Private Equity Fund Limited is a wholly-owned Ghanaian company incorporated in 2013 under the Companies Act, 1963 (Act 179).
The Fund undertakes private equity investments in strategic sectors in Ghana and selected African countries.
The Fund is a collaboration between FirstBanC Financial Services Ltd (General Partner) and other investors (Limited Partners).
The Fund’s objective amongst others is to strategically invest in distressed companies, restructure and revamp them in order to generate long-term value and profitability.
Its portfolio assets consist of companies in any of the six designated sectors: financial, real estate, insurance, education, manufacturing and health care.
According to Fortiz there are several investors of the Fund but the top three Limited Partners of the Fund are Dr. Kingsley Fletcher (Nene DrolorBossoAdamtey I), Emmanuel Botchwey and Aurore Selormey.
Dr. Kingsley Fletcher is the board chair for a number of corporate bodies including TV3 Network Ltd, FirstBanC Financial Services Ltd and Maxima Financial Group.
Emmanuel Botchwey is the founder and majority shareholder of Regimanuel Estate Limited.
Aurore Selormey career has involved working with various corporate institutions such as Midgley Snelling&Co in London, Mobil Oil Ghana, National Investment Bank, Tettey Ussher & Partners and she is presently in practice with Lokko & Co.
Shareholders of the Fund are Emmanuel Botchwey, Mrs. Aurore Selormey.
The directors of the fund are Emmanuel Botchwey, Aurore Selormey and Dr. Kingsley Fletcher (Nene Drolor Bosso Adamtey I).
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