BoG takes over uniBank

Bank of Ghana (BoG) has today announced that it has taken over the management of private bank, uniBank.


Governor of the central bank, Dr Ernest Addison, explained at a press conference that the takeover was due to challenges facing the bank.

He mentioned weak supervisory standards and weak operations as the cause of the challenges.

Dr Addison said the bank provided inaccurate data during the central bank’s effort to resolve the problems.

He assured depositors that their money was safe, stressing, “we are not liquidating the bank, we are saving it.”

The take-over comes weeks after uniBank announced it was taking over adb.

The top management of uniBank are Dr. Kwabena Duffuor II, who is the Chief Executive Officer, Ekow Nyarko Dadzie-Dennis, Chief Operating Officer, Executive Director, Owusu-Ansah Awere, Executive Member, Clifford Duke Mettle, Director of Risk Management, Kwesi Nkrumah Pimpah.

Others are the bank’s Secretary, Sylvia Assimeng-Archer, Executive Head of Treasury and Global Trade, John Collins Arthur, Executive Head of Corporate Banking, Elsie Dansoa Kyereh and Executive Head of Innovations and Business Execution, Florence Ohene.

The executive management are expected to give way to new control.

Dr Kwabena Duffour, who was a Finance Minister under the Mills’ administration, founded the bank in 1997.

But after 20 years of private management, Dr Duffour who was also a former Governor of the Bank of Ghana, lost control of uniBank to his former employers.

 

Meanwhile, BoG in a statement issued yesterday announced that it has appointed audit firm, KPMG, as administrator for uniBank.

This means that the central bank has taken over the assets and management of uniBank.

Dr. Addison said uniBank was currently insolvent.
The central bank also ordered management of uniBank to step aside and allow the new entity, KPMG, assume management of the bank.

He also added that the bank’s capital has been close to the 400 million Ghana cedis minimum requirement expected of commercial banks by December 2019.

 

Story: Freeman Koryekpor AWLESU

Writer’s email: freeman.koryekpor@todaygh.com

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