{"id":407441,"date":"2018-03-07T11:57:50","date_gmt":"2018-03-07T11:57:50","guid":{"rendered":"http:\/\/citifmonline.com\/?p=407441"},"modified":"2018-03-07T16:20:23","modified_gmt":"2018-03-07T16:20:23","slug":"unibank-moves-control-majority-interest-adb","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2018\/03\/unibank-moves-control-majority-interest-adb\/","title":{"rendered":"uniBank moves to control majority interest in adb"},"content":{"rendered":"
uniBank has confirmed to Citi News<\/strong> 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.<\/p>\n It says the move follows the pledging of shares and voting rights of the consortium of shareholders in adb Bank.<\/p>\n [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.<\/p>\n It is still unclear what informed the decision of the shareholders.<\/p>\n But speaking on the Citi Breakfast Show<\/strong> on Wednesday, the CEO of Unibank, Dr. Kwabena Duffour Jr. said the plan is in the best interest of the banking industry.<\/p>\n \u201cFor 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,\u201d he added.<\/p>\n Dr. Duffour Jr however failed to give further details on how they managed to secure the deal in adb saying \u201cI\u2019m not at liberty to discuss the underlining transaction.\u201d<\/p>\n 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.<\/p>\n 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.<\/p>\n