{"id":407478,"date":"2018-03-07T13:05:19","date_gmt":"2018-03-07T13:05:19","guid":{"rendered":"http:\/\/citifmonline.com\/?p=407478"},"modified":"2018-03-07T16:09:49","modified_gmt":"2018-03-07T16:09:49","slug":"purported-adb-takeover-by-unibank-not-approved-bog","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2018\/03\/purported-adb-takeover-by-unibank-not-approved-bog\/","title":{"rendered":"Purported adb takeover by uniBank not approved – BOG"},"content":{"rendered":"
The Bank of Ghana has stated that it has not approved a purported takeover of adb by uniBank.<\/p>\n
[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.<\/p>\n
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.<\/p>\n
\u201cSo 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,\u201d the Governor stated.<\/p>\n
The consortium comprises four shareholders including; Belstar Capital (24%), Starmount Development company (11%), EDC (6%) as well as SIC Financial Services Limited (10%).<\/p>\n
The shareholding capacity of the consortium of shareholders amounts to 51 percent, thus giving uniBank access to control majority ownership in adb.<\/p>\n
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.<\/p>\n
The Finance Minister, Ken Ofori Atta, announced this when he delivered the 2018 budget statement.<\/p>\n
uniBank confirms controlling interest in adb<\/strong><\/p>\n uniBank has confirmed to\u00a0Citi News<\/strong>\u00a0that 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 Speaking on the\u00a0Citi Breakfast Show<\/strong>\u00a0on 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