The Board of Directors of Merchant Bank Ghana Limited has for the first time broken its silence on recent developments at the Bank. Peter Iliasu’s appointment as Chief Executive Officer of the bank has been terminated.

Though the Board did not give any reason for Mr Iliasu’s disappointment, a statement issued by the Bank says the decision was taken with a lot of deliberation to protect the Bank, its shareholders and employees.

“Our efforts are directed towards pursuing sound corporate practices, sound governance, and ensuring that the fiduciary responsibilities placed on the Directors are executed in the interest of shareholders and other stakeholders.”

The Bank assures its customers that business remains as usual and “remains firmly committed to using our considerable experience and place in the market to the advantage of all our clients.”

Also affected by the development is Philip Ofori Asante, the Head of Corporate Banking, who joined Merchant from Stanbic only this year.

Henry Bayer, who was appointed Head of Consumer Banking a few months ago is also now acting as the Bank’s Head of Corporate Banking.