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General News Tue, 20 Mar 2018

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BoG takes over uniBank

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The Bank of Ghana has taken over the management of uniBank, the Governor Ernest Addison, has said.

He assured depositors at a press conference in Accra on Tuesday March 20 that their money is safe, stressing "we are not liquidating the bank, we are saving it."

This comes few weeks after news emerged that uniBank was taking over the management of the Agricultural Development Bank (ADB).

Clifford Mettle, Executive Director of uniBank, said the bank’s acquisition of 51 per cent shares in the ADB was a strategic alignment.

He noted that the services the two banks were already rendering to customers would not change following the takeover. But the BoG dismissed the takeover, saying it had not sanctioned any such move.

It is recalled that last year the BoG revoked the License of UT Bank and Capital Bank.

A statement issued by the BoG on Monday, 14 August 2017 said: “The Bank of Ghana has approved a purchase and assumption transaction with GCB Bank Limited that transfers of all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.

“The Bank of Ghana has revoked the licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to sever impalment of their capital. The remaining assets and liabilities will be realiSed and settled respectively through a receivershop process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PrcewaterhouseCoopers.

“The main offices and braches of UT Bank and Capital Bank will be under the control of GCB Bank and will be opened at 1 PM today for normal business transactions.”

Source: classfmonline.com

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