UMB to establish Chinese desk

The Universal Merchant Bank (UMB) is to establish a desk centre for the Chinese business community in Ghana to provide effective and efficient services to meet their needs.

The bank noted that the Chinese businesses are growing across the globe and that there is the need to have a separate desk that would understand their banking needs for effective business transactions.

Mr Kwame Poku, Director of Corporate Banking, UMB said this on Wednesday at a Chinese Business Seminar on the theme: "Challenges and Opportunities for Growth of Chinese Businesses in Ghana."

The seminar provided the opportunity for the bank to highlight its product and services to the Chinese community and also interacted with them on the country’s tax laws, the operations of Ghana Investment Promotion Centre and partnership with local businesses.

He said the Bank was established on March 15, 1972 as the premier merchant bank and in 2005 it introduced retail banking with the acquisition of a Universal Banking License and currently has 29 branches in five regions.

Mr Poku said the Bank is recognised for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions

He said it is the Bank’s vision is to retain its position as the premier corporate bank and expand the retail banking space saying this could be achieved by expanding into the value chain of our corporate portfolio.

Mr Poku said the Bank has currently established a hire purchase and leasing entity in the country; the promotion and formation of the first discount house and the initiated the preparatory work in the establishment of the Ghana Stock Exchange.

He urged the Chinese community in the country to open an account with UMB for smooth and excellent banking services.

Mrs Baohong Sun, Chinese Ambassador, commended UMB for the initiative and said the gesture signified a long-term commitment in exploring business opportunities.

She said the Chinese economy is driven by innovation and urged Ghanaians to be creative to promote and sustain business development.

The Ambassador said the Chinese government believes in converting challenges to opportunities and called for a unified action in addressing problems of the economy.

She said the Chinese community in the country is supporting Ghana to expand its export to China as a way of strengthening the trade relations between the two countries.