Joy Business sources say Nilla Selormey has resigned from Universal Merchant Bank (UMB) as the Managing Director since February 2, 2015.

According to persons close to the bank Madam Selormey resigned due to some governance issues with shareholders of the bank. 

Nilla Selormey was appointed MD of the bank when private equity for firm Fortiz took over Merchant Bank now UMB.

The Board of the bank in statement yesterday named the immediate finance Director at GCB, John Awuah as the new MD and Chief Executive of  UMB.  

According to the board, he is expected to drive the new strategy of the bank.

Another statement issued by the bank says the entire staff of the bank are happy to welcome Mr. Awuah on board.

Joy Business had earlier gathered that  a request by the staff to maintain madam Selormey had been turned down.

Sources say an initial plan to give Madam Selormey an international role in the bank has also been set aside.