UMB welcomes appointment of BoG’s advisor, assures resilience

The Board of Universal Merchant Bank Ltd (UMB) has welcomed the appointment of an advisor to support the bank’s recapitalization efforts.

The Bank of Ghana’s former Head of Financial Stability, Dr. Joseph O. France, has been appointed to advise UMB’s management, monitor its recapitalization efforts, and oversee governance reforms agreed upon with the Bank of Ghana.

UMB’s Board in a statement, acknowledged the appointment and indicated it is “appreciative to the Bank of Ghana for the effort to support the Bank with the appointment of Dr. France” for UMB’s recapitalisation efforts.

Banks were given up to the end of September 2023 to provide their recapitalization plans which required that banks whose capitals were below the minimum capital requirement quickly built it up to GH¢400 million as proposed by the Central Bank.

The Board’s statement also assured the bank’s “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.”

Below is the Board’s full statement.

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.