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FirstRand to start operations in Ghana

FirstRand Bank will commence full commercial operations in Ghana in June 2015. The bank said it has secured all the necessary regulatory permits from the Bank of Ghana to begin commercial operations. The bank is currently South Africa’s biggest bank by earnings and market capitalization. In 2013 it was one of the main banks that expressed interest in acquiring merchant bank now Universal Merchant Bank. The Bank of Ghana subsequently approved the sale of merchant bank to private equity firm, Fortiz, after SSNIT, majority shareholder of Merchant Bank, rejected an offer from First Rand Bank. FirstRand Bank had already invested over 750million dollars in the Ghanaian economy and was willing to invest more.

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