Union Executives Of Merchant Bank Warns Mgt. Against Takeover

The union executives of Merchant Bank Ghana have warned management to desist from all actions likely to set workers on a confrontational course with the Bank of Ghana, with respect to the sale of the bank to South Africa�s First Rand Bank. In a resolution after a National Executive Council Meeting sighted by XYZ BUSINESS, the union called for the inclusion of the Union of Industry, Commerce and Finance Workers before such actions are taken. The meeting urged all staff not to take any actions until due processes are followed in consultation with UNICOF. It will be recalled that management of Merchant allegedly incited the workers to demonstrate for the sale of the bank to First Rand. XYZ BUSINESS has learnt that a comprehensive report has been submitted by the Governor of the Bank of Ghana to President Mahama about the intended sale and the state of Merchant bank which the President is unhappy about. Merchant Bank is the only bank yet to publish its 2012 financial statement.