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On November 2 1992 Standard Bank Investment Corporation (SBIC) acquired operations of ANZ Grindlays Bank (African arm of ANZ Grindlays Industrial Holdings (ANZ Holdings) a company registered in the UK). The acquisition included ANZ Grindlays' minority interest in banks in Nigeria (40%) and Ghana (30%).
When, in 1993, SBIC changed the names of those banks acquired from ANZ Grindlays a year earlier, to Stanbic Bank with effect from 1 July 1993, Merchant Bank Ghana remained unchanged.
SBIC Africa Holdings Ltd disposed of its 30% shareholding in the Merchant Bank (Ghana) Ltd (MBG) from 31 May 1999. MBG, therefore, ceased to be an associate company of the Standard Bank Group and was to be treated like any other bank. Stanbic Bank applied to the Ghanaian authorities for permission to establish a new bank under their umbrella, called Stanbic Bank Ghana Ltd, which will offer full commercial and merchant banking services. Stanbic Bank Ghana Ltd opened for business in December 1999.
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