UMB acknowledges appointment of advisor for recapitalization efforts

The Board of Universal Merchant Bank Ltd (UMB) hereby acknowledges the appointment of Dr. Joseph France as an Advisor to support the Bank in its recapitalization drive as contained in Bank of Ghana’s Press release dated 28th March 2024.

As already known, as part of the post DDEP recovery plan all banks have been given up to December 2025 to restore their minimum paid-up capital. UMB is on track and is its objective to achieve full recapitalisation before the targeted deadline.

The Board therefore is appreciative to the Bank of Ghana for the effort to support the Bank with the appointment of Dr. France for the above-stated purpose.

UMB wishes to assure its cherished customers, all other stakeholders, and the general public that the Bank is resilient and resolute with an unwavering commitment to continue to work in their best interest. The appointment of the Advisor will therefore be complementary to the above commitment.

The Board and Management assures Dr. France of its commitment to work closely on speeding up and concluding the recapitalization process within the stipulated period.

Signed

Board of Directors

UMB