It is for this reason that Mr. Adom-Otchere views the controversial attempted merger between uniBank and adb as unfortunate.

[contextly_sidebar id=”R1wLsTAnMwtUf9a2nMKfZ6A0vCcJsqNx”]Commenting on the uniBank-adb saga on his Good Evening Ghana show on Metro TV, he said backing the merger would have been the first step in perhaps establishing a strong indigenous bank.

Only indigenous banks will ultimately have the interests of the Ghanaian economy at heart, he stressed.

“Indigenous companies must be created… somehow, let’s find a way to build the capacity of indigenous companies. That is the only way that the economy is going to survive.”

He noted that the current Finance Minister, Ken Ofori-Atta, headed an indigenous company in Databank and bought out Enterprise Insurance, which is also an indigenous company.

“…So we understand that the philosophy of the Finance Minister, the philosophy of the President and what is indeed good for our country’s economy is that indigenous companies be built and indigenous companies be supported.”

Though there may be growing pains for these local companies, Mr. Adom-Otchere said they must be allowed to make and learn from their mistakes.

“They may not be correct all the time but you can correct all the errors… only they will keep their money in Ghana. Only they will employ Ghanaians. Only they are interested in Ghana. Foreign companies come to do business. They take their money and they go away.”

“So all over the world, countries have been built by indigenous companies… it is important that we focus on our Ghana Beyond Aid and create power for indigenous companies.”

In his view, the attempted merger of adb and uniBank should excite Ghanaians, especially since it appears the Chairman of Belstar Capital Limited, Kofi Ampim, was providing a monetary foundation for the move.

“This event of having such Ghanaians who are able to raise such humongous amounts of money should excite us; that Kofi Ampim can go out there and raise this kind of money, it should excite us. We should be happy that we have a Kofi Ampim within our economy who is willing to strengthen an indigenous bank and make it big.”

“We must be able to create a huge indigenous bank private sector led,” the  Good Evening Ghana host concluded.

Background to unibank, adb saga

Last week, a major change within the banking sector was anticipated when reports emerged that uniBank had taken over adb after four shareholders of the development bank; comprising Belstar Capital, Starmount Development company, EDC and SIC Financial Services Limited, pledged their shares, proceeds, entitlements and voting rights to uniBank.

Per the move, uniBank would have assumed a controlling interest in adb as the total shares of the consortium would have amounted to some 51%.

The Chief Executive Officer of uniBank, Dr. Kwabena Duffour Jr., later told Citi News that uniBank had control over adb and that the move was in the best interest of the banking industry.

This was however followed by a u-turn from uniBank, after adb was suspended by the Ghana Stock Exchange and the Bank of Ghana announced that it had not approved a purported takeover.

adb also came out to deny media reports that uniBank had taken over its operations.

Citi Business News later reported that SIC Financial Services Limited (SIC-FSL) had not pledged its shares in adb to uniBank in fulfillment of an earlier financial commitment.

adb in a statement admitted to receiving letters from Belstar Capital Limited, Starmount Investment Limited and EDC Limited for pledging their various shares in the bank to uniBank, but it did not mention receiving same from SIC-FSL.

In the midst of the back and forth, many have questioned government’s plans as announced in the 2018 budget, to merge adb and the National Investment Bank, NIB.

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By: Delali Adogla-Bessa/citifmonline.com/Ghana

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“It is a trivial story. There is nothing in this. It has become a story in the media because the reporter who heard the story from wherever or whoever leaked the story to him didn’t quite understand what was happening,” he remarked on The Big Issue.

[contextly_sidebar id=”yEwalOgsarrArd2PQguGpGHd4ZD3eQae”]On Wednesday, the banking sector woke up to reports that uniBank had taken over adb after four shareholders of the development bank; comprising Belstar Capital, Starmount Development company, EDC and SIC Financial Services Limited, pledged their shares, proceeds, entitlements and voting rights to uniBank.

The Chief Executive Officer of uniBank, Dr. Kwabena Duffour Jr. later told Citi News that uniBank had control over adb and that the move was in the best interest of the banking industry.

This was however followed by a u-turn from uniBank, after adb was suspended by the Ghana Stock Exchange and the Bank of Ghana announced that it had not approved a purported takeover.

adb also came out to deny media reports that uniBank had taken over its operations.

Mr. Casely Hayford was of the view that the genesis of this saga was engineered by the uniBank CEO and that he should accept blame for the matter being blown out of proportion.

“I blame Kwabena Duffuor Jr for putting such a story out because it is very amateurish and it is totally frivolous. I think he is in too much haste. This could have easily been a business discussion that has gone but he has hastily gone out into the public and gone and made a statement and this has now created all this confusion.”

He maintained that “from day one, this whole thing is a non-story and that is what we have to be very clear about.”

Storm in a teacup

Also on The Big Issue, another Financial Analyst Toma Imirhe said any potential takeover of adb by uniBank will not happen.

This is because there is no chance it can get a controlling interest, according to him.

“This thing is a storm in a teacup and the reason why is simple. This thing will not go any further. Unibank has no business buying any shares of adb if it cannot get a controlling interest of 51 percent, which it now knows it cannot get. So this issue is dead.”

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By: Delali Adogla-Bessa/citifmonline.com

The post uniBank, adb saga: Misreported takeover ‘trivial’ – Casely Hayford appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to him, the continuous existence of government’s ownership in adb and the likelihood for the government to influence resource allocation, could have impacted the profits of the bank therefore leading to the pledging of shares by the shareholders.

Mr. Imirhe’s comment is in reaction to a report within the week, of a purported takeover of adb by uniBank after a pledge by some four shareholders of adb.

Speaking on the Big Issue, he said the quest to improve on profits influenced the decision by the private investors.

“I am not saying that the government’s ownership in any way affects the quality of service of adb which is still as it has always been if not better. But there are issues of profitability; for instance, if the government can get the bank to push something into a project for developmental purposes when it has the alternatives that would have been more profitable but do not have the developmental function, what it means is that in order to contribute to the development of the country is to forgo the profitability as an institution,” he explained.

Mr. Imirhe added, “Remember that the private investors are just in for the profits. So I think the institutional investors have now decided that with government as the majority shareholder, adb was not maximizing their profitability and therefore they wanted to opt out.”

The move if successful, could have given uniBank a controlling interest of 51 percent in adb.

Currently, the shareholding structure of adb involves; Bank of Ghana (9.5%), government of Ghana (32.3%), Belstar Capital Limited (24%), Starmount Development Company (11%) , SIC-FSL (10%).

Others are EDC Investment Limited (6%) as well as Retail investors and adb staff (7.2%).

The Bank of Ghana has since denied knowledge of any such transaction.

In a statement released on Wednesday, March 7, 2018, uniBank dismissed reports of any takeover of adb as purported.

It rather explained that the pledge has been necessitated to get the shareholders in question fulfill a financial agreement they went into in November 2017.

Toma Imirhe believes the coming in of adb could have also distorted government’s plan to direct adb to support the developmental agenda.

“Now uniBank aware of the situation realised that there are four shareholders who are disenchanted in this way and when we put all these shares together, it gives 51 percent. Now if they take over the bank, then they can prevent government from undertaking the developmental plans that it has and operate on purely commercial profits. So the whole thing was based on getting the shares of all of those guys and having a controlling stake,” he emphasized.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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According to him, the GSE should have done due diligence before suspending adb from the listed companies.

The Ghana Stock Exchange on Wednesday (March 7, 2018), suspended trading in the shares of adb following a purported takeover of the bank by uniBank.

The managers of the bourse have since lifted the suspension.

But reacting to the development, Mahama Iddrisu told Citi Business News the decision was rushed.

“I don’t know whether they actually picked the information from the paper or they actually had written letters or notices to them to be able to change their stand on the suspension,” he stated.

Mahama Iddrisu was of the view that the GSE did little to investigate adb before suspending its trading activities.

“But I will say that they actually thought they would do a thorough investigation and get information directly from the parties that were involved to be able to either suspend or not suspend the trading, I don’t know whether they did that but from my perspective, I think that it was the publication that actually led to the suspension,” he added.

Background

The Ghana Stock Exchange (GSE) yesterday 7^th March 2018, suspended the Agricultural Development Bank (adb) following a purported takeover of the bank by uniBank.

A statement from the GSE said the action was taken pursuant to section 7 of the GSE Automated Trading rules.

“With reference to Section 7 of the GSE Automated Trading Rules (ATS), the Managing Director of the Ghana Stock Exchange (GSE), in consultation with the Chairman of the GSE Council has suspended trading in the shares of ADB effective March 7, 2018.”

“We are taking this action so that ADB provides full information and clarity on the matter including whether the purported take-over complies with the Securities and Exchange Commission and the Bank of Ghana requirements,” the statement GSE added.

Unibank had confirmed to Citi News that it has gone into a transaction with four major shareholders of Agricultural Development Bank (adb) that has effectively given them majority control of the state bank.

It said the move follows the pledging of shares and voting rights of the consortium of shareholders in adb Bank.

The shareholders comprise; Belstar Capital, Starmount Development company, EDC as well as SIC Financial Services Limited.

According to Unibank, the move is an attempt to get the shareholders commit to a financial obligation they had entered into.

But checks by Citi Business News have shown that SIC-FSL have not pledged its shares to Unibank.

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By: Jessica Ayorkor Aryee & Anita Arthur/citibusinessnews.com/Ghana

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This is contrary to earlier reports suggesting that the company, SIC FSL is part of a consortium of shareholders of adb who have pledged their shares to indigenous bank, uniBank.

Per the move, uniBank will therefore assume a controlling interest in adb as the total shares of the consortium would have amounted to some 51%.

However information available to Citi Business News indicate that the financial services company could not have been part of the deal after all.

For instance, while adb in a statement admitted to receiving letters from Belstar Capital Limited, Starmount Investment Limited and EDC Limited for pledging their various shares in the bank to uniBank, it did not mention of receiving same from SIC-FSL.

Also, Citi Business News’ sources close to the financial company indicate that the company which in charge of investment management services such as stock brokerage, portfolio management as well as corporate financial services management, has not pledged its shares.

Purported adb takeover  by uniBank not approved – BoG

The Bank of Ghana has stated that it has not approved a purported takeover of adb by uniBank.

Speaking at the commissioning of the new Ecobank Head office in Accra on Wednesday, March 7, 2018, Governor of the Bank of Ghana, Dr. Ernest Addison, said the central bank has not given any consent as reported.

“So let me respond to some developing story this morning, the Bank of Ghana has not given approval to the purported takeover or through the pledging of shares to Unibank,” the Governor stated.

GH¢400m capital, others triggered uniBank’s interest in adb

Investment Banker, Mahama Iddrisu has cited adb’s quest to meet the new minimum capital requirement of 400 million cedis as a possible reason for the pledge by some shareholders of adb to uniBank.

“…Having done that, that means that the pledgee will not have certain rights to those shares because those have been pledged with the provider of a debt. If it is not a debt, it means that there is a general agreement between the pledgee and the pledgor to make sure that they have the needed consideration which in this case may not be money to be able to run the other institution,” he explained.

Mr. Iddrisu further clarified that the action taken by the shareholders and Unibank subsequently, does not constitute a takeover.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post adb, uniBank saga: SIC-FSL did not pledge shares in adb appeared first on Citi 97.3 FM - Relevant Radio. Always.

The move Citi Business News also understands is to grow the base of uniBank to undertake huge transactions.

Four shareholders of ADB comprising Belstar Capital, Starmount Development company, EDC as well as SIC Financial Services Limited, have pledged their shares, proceeds, entitlement and voting rights to uniBank.

The shares held by the consortium altogether is about 51 percent.

The development, therefore, makes uniBank assume controlling interest in adb.

Mahama Iddrisu believes this could have been triggered by the need to inject additional capital into adb.

“…Having done that, that means that the pledgee will not have certain rights to those shares because those have been pledged with the provider of a debt. If it is not a debt, it means that there is a general agreement between the pledgee and the pledgor to make sure that they have the needed consideration which in this case may not be money to be able to run the other institution,” he explained.

Mr. Iddrisu further clarified that the action was taken by the shareholders and uniBank subsequently does not constitute a takeover.

He maintains that any such decision will mean that uniBank brings in majority capital which will equally allow it to change most things in the new entity; adb bank.

“If this is done, it means that the two banks are actually looking at will be a merger; for a takeover means that you are bringing a larger percentage to be able to take over and change everything that the pledgee probably we have been looking at. But in this case we haven’t heard or a merger neither have we heard of a takeover,” he stated.

BoG, Govt must approve of merger

Meanwhile, the investment banker has told Citi Business News that any planned merger must be subject to approval of the Bank of Ghana and the government since they both own shares in the bank.

“Definitely they need an approval from the Central bank to be able to go on with a merger or takeover, they also need the blessing of the Finance Minister because the government is a shareholder. Even if they are unable to get that, because of the majority shareholding of the group that have pledged the shares, which is probably at least 51 percent, it gives the majority the power to convince the rest of the shareholders to agree which strategy they are taking on for the new entity,” he added.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana

The post GH¢400m capital, others triggered uniBank’s interest in adb appeared first on Citi 97.3 FM - Relevant Radio. Always.

[contextly_sidebar id=”xHO84PDr7WixnSpfPy9YmumStj0cNmaR”]uniBank is set to assume a controlling interest in adb after a consortium of shareholders pledged their shares, proceeds, entitlement and voting rights to Unibank.

But speaking at the commissioning of the new Ecobank Head office in Accra on Wednesday, March 7, 2018, Governor of the Bank of Ghana, Dr. Ernest Addison, said the Central Bank has not given any consent as reported.

“So let me respond to some developing story this morning, the Bank of Ghana has not given approval to the purported takeover or through the pledging of shares to uniBank,” the Governor stated.

The consortium comprises four shareholders including; Belstar Capital (24%), Starmount Development company (11%), EDC (6%) as well as SIC Financial Services Limited (10%).

The shareholding capacity of the consortium of shareholders amounts to 51 percent, thus giving uniBank access to control majority ownership in adb.

The development also comes at a time where the government has announced plans to build a big and well-capitalized bank to be known as the National Development Bank by merging adb and NIB.

The Finance Minister, Ken Ofori Atta, announced this when he delivered the 2018 budget statement.

uniBank confirms controlling interest in adb

uniBank has confirmed to Citi News that it has gone into a transaction with four major shareholders of Agricultural Development Bank (adb) that has effectively given majority control of the state bank.

Speaking on the Citi Breakfast Show on Wednesday, the CEO of uniBank, Dr. Kwabena Duffour Jr. said the plan is in the best interest of the banking industry.

“For now, we have the power and control to change it from adb. Down the line we might decide to do a proper transfer where we will need the approval of the various regulatory bodies but for now we have the power and control over it,” he added.

Dr. Duffour Jr, however, failed to give further details on how they managed to secure the deal in adb saying “I’m not at liberty to discuss the underlining transaction.”

GSE suspends adb over purported ‘takeover’ by uniBank

Meanwhile, the Ghana Stock Exchange (GSE) has suspended the Agricultural Development Bank (adb) following a purported takeover of the bank by Unibank.

A statement from the GSE said the action was taken pursuant to section 7 of the GSE Automated Trading rules.

“With reference to Section 7 of the GSE Automated Trading Rules (ATS), the Managing Director of the Ghana Stock Exchange (GSE), in consultation with the Chairman of the GSE Council has suspended trading in the shares of ADB effective March 7, 2018.”

This comes on the back of the takeover of UT and Capital banks by GCB bank in 2017.

The Bank of Ghana gave GCB bank the permission to purchase the two banks because they were unable to increase the capital requirements needed for their banking operations.

adb IPO row

The adb bank commenced its Initial Public Offer (IPO) in July 3, 2015.

Prior to that the bank was forced to put the IPO on hold several times following some agitations from the workers and some Ghanaians.

The Member of Parliament for the New Juaben South constituency, Dr. Mark Assibey-Yeboah also dragged the bank to the Supreme Court insisting that the Bank’s IPO should first be approved by parliament.

–

By: Citibusinessnews.com/Ghana

The post Purported adb takeover by uniBank not approved – BOG appeared first on Citi 97.3 FM - Relevant Radio. Always.

A statement from the GSE said the action was taken pursuant to section 7 of the GSE Automated Trading rules.

“With reference to Section 7 of the GSE Automated Trading Rules (ATS), the Managing Director of the Ghana Stock Exchange (GSE), in consultation with the Chairman of the GSE Council has suspended trading in the shares of ADB effective March 7, 2018.”

[contextly_sidebar id=”te1NaUQUEZ69MpLl44jZ9HCj94eeM0ol”]“We are taking this action so that ADB provides full information and clarity on the matter including whether the purported take-over complies with the Securities and Exchange Commission and the Bank of Ghana requirements,” the statement GSE added.

uniBank has confirmed to Citi News that it has gone into a transaction with four major shareholders of Agricultural Development Bank (adb), that has effectively given them majority control of the state bank.

It says the move follows the pledging of shares and voting rights of the consortium of shareholders in adb Bank.

Belstar Capital, Starmount Development company, EDC as well as SIC Financial Services Limited, have all pledged their shares, proceeds, entitlement and voting rights to Unibank.

It is still unclear what informed the decision of the shareholders.

But speaking on the Citi Breakfast Show on Wednesday, the CEO of Unibank, Dr. Kwabena Duffour Jr. said the plan is in the best interest of the banking industry.

“For now, we have the power and control to change it from adb. Down the line we might decide to do a proper transfer where we will need the approval of the various regulatory bodies but for now we have the power and control over it,” he added.

Dr. Duffour Jr however failed to give further details on how they managed to secure the deal in adb saying “I’m not at liberty to discuss the underlining transaction.”

Although the state of affairs now does not constitute a takeover of adb by uniBank, this comes on the back of the takeover of UT and Capital banks by GCB bank in 2017.

The Bank of Ghana gave GCB bank the permission to purchase the two banks because they were unable to increase the capital requirements needed for their banking operations.

With the latest development, it is unclear what happens to government’s intention of merging state banks adb and the National Investment Bank (NIB), as announced by the Finance Minister in the 2018 budget statement presented to Parliament.

adb IPO row

The adb bank commenced its Initial Public Offer (IPO) in July 3, 2015.

Prior to that the bank was forced to put the IPO on hold several times following some agitations from the workers and some Ghanaians.

The Member of Parliament for the New Juaben South constituency, Dr. Mark Assibey-Yeboah also dragged the bank to the Supreme Court insisting that the Bank’s IPO should first be approved by parliament.

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By: citifmonline.com/Ghana

The post GSE suspends adb over purported ‘takeover’ by uniBank appeared first on Citi 97.3 FM - Relevant Radio. Always.

It says the move follows the pledging of shares and voting rights of the consortium of shareholders in adb Bank.

[contextly_sidebar id=”kEcvqHdjzO9ybtvh1q1RjMHLCDRGbrU3″]Belstar Capital, Starmount Development company, EDC as well as SIC Financial Services Limited, have all pledged their shares, proceeds, entitlement and voting rights to Unibank.

It is still unclear what informed the decision of the shareholders.

But speaking on the Citi Breakfast Show on Wednesday, the CEO of Unibank, Dr. Kwabena Duffour Jr. said the plan is in the best interest of the banking industry.

“For now, we have the power and control to change it from adb. Down the line we might decide to do a proper transfer where we will need the approval of the various regulatory bodies but for now we have the power and control over it,” he added.

Dr. Duffour Jr however failed to give further details on how they managed to secure the deal in adb saying “I’m not at liberty to discuss the underlining transaction.”

Although the state of affairs now does not constitute a takeover of adb by uniBank, this comes on the back of the takeover of UT and Capital banks by GCB bank in 2017.

The Bank of Ghana gave GCB bank the permission to purchase the two banks because they were unable to increase the capital requirements needed for their banking operations.

With the latest development, it is unclear what happens to government’s intention of merging state banks adb and the National Investment Bank (NIB), as announced by the Finance Minister in the 2018 budget statement presented to Parliament.

adb IPO row

The adb bank commenced its Initial Public Offer (IPO) in July 3, 2015.

Prior to that the bank was forced to put the IPO on hold several times following some agitations from the workers and some Ghanaians.

The Member of Parliament for the New Juaben South constituency, Dr. Mark Assibey-Yeboah also dragged the bank to the Supreme Court insisting that the Bank’s IPO should first be approved by parliament.

–
By: citifmonline.com/Ghana

The post uniBank moves to control majority interest in adb appeared first on Citi 97.3 FM - Relevant Radio. Always.

Mr Crentsil, who hails from Ajumako Enyan-Essiam district in the Central Region, was adjudged the top prize for being named the nation’s best farmer in 2016 after 20 years of active farming.

The fully-furnished house, built at the location chosen by the beneficiary, comes with a double leaf metal gate, a kitchen, dining hall, living room, a water storage system and a garage, among other essential amenities.

The ceremony was graced by the Regional Minister, Kwamena Duncan, Chief of Gomoa, Kofi Mensah and the acting Chief Director at the Ministry of Food and Agriculture, alongside management and staff of adb.

Speaking at the ceremony, the Regional Minister applauded adb for their continuous support towards the national best farmer awards over the years.

“[adb] is the institution that has taken upon itself to support this noble course since 2001. For the past 16 years, they have been there to motivate our farmers to make them commit to the job they are doing to feed us. It’s the one and only farmer’s bank, the one and only fisher’s bank, the Agric Development Bank. There is no question about it that, but for the role that they have played since their establishment, I am not sure we would not have developed the agriculture sector to where it is now. I use this opportunity to pat the bank and its management on the back.”

“There is a lot of joy in my soul today, that assuming office just under a year ago, I have the honour to attend this auspicious program, where one of our own is been honoured for the glory he has brought onto himself, onto his community and onto the entire region. I am really proud and I feel happy as the Regional Minister.”

The Regional Minister also acknowledged the hitches in the agriculture sector and the need to modernize it for expansion and creation of jobs.

“This is a government that recognizes that the way to grow our economy and to develop our country is agriculture. There is a major problem of modernising agriculture, and linking agricultural production to industries in order for industrialization, which has been and still remains a core objective of the president and the government,” he said.

“For once there is a need as a country to get the value addition in order to create the much-needed jobs for our teeming youths.”

Dr. John Kofi Mensah, Managing Director of ADB, in his address said, over the past 16 years the ADB, in line with its corporate social responsibility as a bank, has through its funding, produced about 16 fully furnished houses to farmers across the country to help motivate them.

He also revealed the construction of the house was done at a cost of  400,000 Ghana Cedis.

“ADB Bank became the headline sponsor of the National Best Farmers’ Award programme in 2001 and has since then, integrated sponsorship of the awards ceremony in our corporate social responsibility (CSR) strategy. Since becoming the main sponsors of this important national award, every year, we devote a significant percentage of bank’s budget to sponsor a fully-furnished, three-bedroom house at the preferred location of this ultimate winner. The house today is, therefore, the 16^th to be delivered since the introduction of this ultimate reward for the national best farmer,” he said.

“Today, Mr Robert Crentsil, the 2016 National Best Farmer is being rewarded with his grand prize of a three-bedroom house in this serene Gomoa Apra Valley, valued at an amount of GH 400.000 (four hundred thousand Ghana cedis).”

The Managing Director was of the view that, the bank’s gesture over the years has infused into Ghanaians the need to engage in agriculture which is a major industry in the country.

“I am of the firm conviction that the provision of 16 houses to the national best farmer’s award winners since 2001 has gingered Ghanaians to develop a keener interest in farming and agriculture value-chain businesses and have by extension, boosted food production in the country.

“I am also more persuaded that this laudable sponsorship initiative by ADB in collaboration with MOFA and blessed by the Government has contributed immensely to the interest of Ghanaians in farming,” he added

Presenting the keys to the house, Acting Chief Director of the Ministry of Food and Agriculture Robert P. Ankorbeah called on other stakeholders to emulate the gesture of adb to bring to an end to poverty and hunger in the country.

“There is, therefore, the need for a concerted effort to promote the development of agriculture in order to reduce poverty and improve the standard of living in the country,” he said.

“I seize this opportunity to urge corporate Ghana particularly financial institutions to emulate the example of the ADB to give more support to agriculture to complement the efforts of the government to modernise and transform this very important sector.”

In an acceptance speech, the 2016 best farmer expressed his gratitude to the government and ADB for the award and advised past winners not to give up the fight to improve and produce more to be deserving of greater awards.

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By: Ann-Shirley/citifmonline.com/Ghana

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