The Ghanaian Journal

The Trust Bank (TTB) and Merchant Bank, both private banks in the country are seriously considering merging before the end of 2007.

The Ghanaian Journal.com sortie revealed that a consultant was currently working on some modalities that would put the two banks into higher standard if they should merge. This move is to allow the bank compete with well established banks in the country.

It was also indicated that by the end of the second quarter of this year, a possible name would have been adopted if the merger talks are successful.

The Trust Bank marked its 10 years of banking in Ghana last year. It has over the years positioned itself as a solid bank with sound financial solutions to its customers.

The bank over the past few years has fully segmented its markets as a prerequisite to understanding the true needs of customers and delivering passionately on all fronts with the view to achieving its corporate objectives.

The Trust Bank is owned by local and foreign institutions including the Social Security and National Insurance Trust {SSNIT}, the FMO, a Dutch development institution and an investment and development finance agency.

The banks transformation into a universal bank has been smoother than of most other banks in Ghana partly because TTB has always tried to be a universal bank in terms service range.

Merchant Bank Ghana, was usually described as the oldest merchant bank in Ghana until it transformed into a universal bank, although it was surpassed in size by the much younger Ecobank Ghana several years ago.

Merchant bank product includes stockbroking, high purchase and asset management subsidiaries and has a track record of achievements on the capital market.

Currently, the bank provides consumer banking, retail banking and has universal banking license through which products such as Vigo Money Transfer operates.

Banking in Ghana has undergone rapid transformation since the liberation of the financial sector in the early 1990s, giving birth to the establishment of new private banks.

The sector has seen consistent growth within the last 15 years, thus contributing in no small way towards the economic growth and development of Ghana.

The consequent attraction in this industry brought with it intense competition, requiring banks to devise workable strategies backed by customer focused policies that translate into flexible financial products and services to ensure the attainment of customer loyalty.

The merging by the two banks will certainly bring more competition into the banking industry.

By Jeorge Wilson Kingson