Merchant Bank Ghana Limited has posted an impressive 71 per cent rise in deposit mobilisation as at the end of the first quarter of this year. The bank's deposit has grown from over GH¢358million in March 2009 to over GH¢612 million in March 2010. Mr. Peter Iliasu, the Managing Director of the bank, in an interview said "despite a difficult trading environment in which we have seen the global financial crisis come to Ghana, we have managed to record a strong performance growing our deposits with net interest increasing by 95 per cent compared to the same period last year". The bank's trade finance business, he said significantly increased from $30 million in the first quarter of last year to $97.7 million same period this year. The managing director said the bank was also investing in its distribution channels and would soon introduce its direct sales programme which would take the bank's offerings closer to both existing and potential customers. "Merchant Bank will also introduce its Premium banking service very soon to attract the high end of the individual segment of the market," he said. Mr. lliasu said, despite the increased competitiveness of the financial sector in Ghana, the bank's clear strategic focus is on course with its expansion and modernisation of its retail proposition, deepening of its corporate banking franchise and rcvitalising its investment banking arm through strategic partnerships. "All these are aimed at positioning Merchant Bank as a strong player to contribute its quota to the development of the economy," he said. Source: The Ghanaian Times