XYZ BUSINESS reports that the sale of Merchant Bank to First Rand Bank of South Africa has collapsed.
This confirms our earlier story in May that the deal will be abrogated since President Mahama has personally intervened.
Though the Bank of Ghana stated it would soon give its final approval to the takeover, a statement by SSNIT today indicates that the deal has failed.
The statement explained that despite all reasonable actions, the parties were unable to reach agreement on the commercial principles underlying the transaction.
It added that the Trust which is the majority shareholder of the bank will now start a new process to invite proposals from interested parties for the acquisition of Merchant Bank.
The South African bank is however disappointed not to have concluded the transaction.
It emphasised that Ghana still remains a priority country for expansion and the group would continue to engage with SSNIT on its new process.
Last year, First Rand announced its acquisition of 75 percent stake in Merchant Bank for 91 million dollars.