The current board chair of Merchant Bank, Noel Nii Addo is likely to chair the reconstituted board of the institution.

The  Former Deputy Managing Director of HFC investments was recently appointed to  replace Marian Barnor, the former board chairperson of the Merchant Bank.

However sources say Mr. Addo would be asked to preside over the new board.

JOYBUSINESS  gathers  the new  members  could be announced tomorrow.  It has learnt, some of the members of the old board would be part of the new board.

Meanwhile,  SSNIT has dissolved  the current board of Merchant Bank. 

The remaining four members on the board were yesterday asked to step aside. It is unclear what might have influenced the decision although their term was due to expire at the end of this month.

Some of the directors of the bank were said to have resisted pressures for them to resign voluntarily following the controversial take over by Fortiz but they held on arguing that since FORTIZs' has not "technically" concluded take over, the new owners cannot force them out.  

Four members of board member stepped down earlier this year citing personal reasons.  They include Board Chairperson, Marian Barnor,  the Managing Director , Joseph  Tetteh, Seth Kwesi Dei and Dr. Bill  Puplampu.

The nine board members were appointed by SSNIT in 2009  to serve for four years.