Ansa Merchant Bank appoints new director

ANSA Merchant Bank has appointed Ian De Souza its new managing director, effective January 8.

The announcement was made in a statement sent on Tuesday.

In November, the ANSA McAL Group of companies said it had recorded growth in its banking, investment, beverage and automotive sections. This was reported in its unaudited results for nine months, which ended on September 30.

The group recorded an increase in revenue, from $4.716 billion in 2022 to $5.170 billion in 2023. Its profit before tax for the period went up from $139 million in 2022 to $468 million. Profit after tax went up from $13.7 million in 2022 to $323 million.

The group's chairman, Norman Sabga, said after the company acquired COLFIRE, the company’s performance showed noticeable improvement. Sabga said beverage, construction and distribution businesses showed top-line growth but were still affected by non-recurring input costs owing to decisions to secure supply chains amid global disruptions.

Automotive operations also performed well, increasing both revenue and profitability.