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Fortiz buys Merchant Bank Ghana stake, targets IPO by late 2016

5 Nov 2013

ghana flagGhana-based Fortiz Private Equity Fund is reportedly looking to list Merchant Bank Ghana on the stock exchange within three years after picking up a majority stake in the business.

Fortiz will inject capital to address “solvency and liquidity challenges” according to a statement on the Bank of Ghana’s website, which said the firm bought its holding from state pension fund SSNIT and a unit of SIC Insurance.

The firm told Ghana Business News, ““Together with the General partner of the Fund, First Bank Financial Services Limited, we believe we have the requisite human and financial resources, as well as the capacity, to turn around the fortunes of Merchant Bank.”

In July Dubai-based private equity firm The Abraaj Group exited its stake in Ghana’s HFC Bank to strategic Republic Bank after a three-year holding period.

Abraaj bought an initial stake in HFC in 2010 before making a follow-on investment in 2012, and saw the asset become one of the country’s leading domestic banks in the process.

The bank was launched in 1990 and floated on the Ghana Stock Exchange in 1995.

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