Update: Bank Of Ghana Says The Unibank Takeover Of ADB Is False

unibank adb saga

The Bank of Ghana has dismissed as false the alleged takeover of the Agricultural Development Bank (ADB) by an indigenous bank, UniBank.

BoG Governor, Dr Ernest Addison said the Central Bank has neither sanctioned the change of ADB ownership nor the majority shareholder’s rights to uniBank.

He was reacting to reports about ADB takeover at the commissioning of a new headquarters for the pan-African bank, Ecobank in Accra today.

Ghanaians woke up to the news about the sale of the local bank after a consortium of financial institutions that control 51 percent shares in ADB reportedly willed their rights to uniBank.

The consortium is led by Belstar Capital–a turnkey project finance and implementation institution–also includes Starmount Development Company Limited, EDC Investments Limited and SIC-FSL, a local newspaper, B&FT reported.

Unibank Executive Director, Clifford Mettle, confirmed the takeover to Joy FM, describing it as a strategic move that will inure to the benefit of both banks.

The report has startled sections of Ghanaians after two other indigenous banks – Capital and UT banks – were acquired by GCB bank in August last year.

The Central Bank approved the sale of the two banks after they were found to be financially distressed, but it has denied authorising the takeover of ADB.

“Just to clarify that the Central Bank has not given approval to the purported takeover or through the pledging of shares of the Agricultural Development Bank (ADB) to uniBank,” Dr Addison said.


Source: myjoyonline.com


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