ADB spikes rumours of Stanbic takeover

Accra, June 20, GNA - The Board of Directors and Management of the Agricultural Development Bank on Wednesday spiked rumours that Stanbic Bank had concluded a bid with the government of Ghana and Bank of Ghana to take over the management and ownership of ADB.

"The Board of Directors and management categorically deny that there has been any such concluded takeover bid, even though the Board and Management of ADB have received a copy of a letter from the Ministry of Finance and Economic Planning to Standard Bank, Africa to the effect that the latter had expressed interest in the acquisition of some level of stake in ADB and that government had given its consent for the Standard Bank Group to begin discussing the matter with the bank's management," a statement released by ADB said. The statement signed by Mr E. Boakye-Agyeman, Managing Director of the ADB, urged the public to ignore the rumours, as they did not bear any element of truth.

"As and when it becomes necessary, the Board of Directors and management of the bank would not hesitate to update the public of developments in this matter," the statement said. ADB blamed the media for the rumours and said any inquiry from the Board of Directors and management of the bank, the Bank of Ghana or the government of Ghana would have shown that no such takeover had been concluded or taken place.

"The government of Ghana and the Financial Investment Trust on behalf of Bank of Ghana as of today's date remains the only substantive shareholders of ADB with their total shares amounting to 100 per cent of the issued shares of the bank in the following proportions - Government of Ghana 52 per cent and Financial Investment Trust on behalf of Bank of Ghana 48 per cent."

The statement said ADB remained firm on the ground and its Board of Directors and management were in full control of its operations and activities.

"The Board of Directors and management therefore entreat customers to remain steadfast in their loyalty to the bank and not be shaken by the rumours to gravitate towards other financial institutions, predicated on the false rumours or in anticipation of any takeover bid being concluded soon. They should continue with their business with the bank briskly," the statement said.

ADB said its branches and offices stood ready to continue rendering them prompt and efficient service.

ADB also assured members of staff that as of now, there had not been any takeover bid concluded between the shareholders and Stanbic Bank and they should therefore not be perturbed by the rumours. "The Board of Directors and management believe that the government of Ghana and the Bank of Ghana would not conduct themselves in an indiscrete manner as would compromise the integrity, fortunes and image of the bank or undermine its financial soundness, stability and profitability," it said. 20 June 07