Most local banks in the country have been vigorously working on plans to recapitalise so they would not be found wanting by the June deadline set by the Central Bank to raise their capital to GH¢25 million. Whilst some banks have chosen to do private placements, others have made rights issues. Merchant Bank, which was originally targeting to merge with the Trust Bank, has for some time now indicated it is looking at bringing in a strategic partner to see it through that phase and beyond. It is however still not saying which bank it is. Managing Director Peter Illiasu in an interview with Joy Business said the bank is still working on its expansion drive through West Africa. “We are looking at somebody who can actually add knowledge in terms of IT, somebody who can actually be a source of referrals for us in terms of business. We’re still shopping around [and] hopefully this year we should come out with a very good partner,” he said. Mr Illiasu would not disclose which banks Merchant Bank has shortlisted for partnership, stressing that “the very good banks that are [there] now that we already know may become the very horrible ones by December 2010. So let’s wait until next year and then we can then actually come out with a very good partner,” he stated. Source: Joy Business/Myjoyonline.com/Ghana