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Tag Archives: Unibank

ADB’s trading on stock market to stagger as Belstar et al exit

John Mensah - MD, ADB Bank

Trading in shares of ADB Bank on the Ghana Stock Exchange is expected to slow down from today [July 17, 2018]. It follows the Bank of Ghana’s annulment of the shares held in ADB by four investors. The central bank has described as questionable, the processes of acquiring shares by the affected shareholders which it says could jeopardize the future ...

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BoG annuls acquisition of adb shares by Belstar & 3 others


The Bank of Ghana(BoG) has annulled the acquisition of shares in ADB Bank limited held by four investors. The investors are Belstar Capital, Starmount Development Company Limited, SIC Financial Services and EDC Investments Limited. A statement from the Bank of Ghana on the matter said that the order is pursuant to section 55 of the Banks and Specialised Deposit-Taking Institutions ...

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Top management staff still at post at Unibank

Dr. Kwabena Duffuor II

All top executives but the CEO of Unibank, are still at post at the bank despite the presence of new managers from auditing firm, KPMG. Dr. Kwabena Duffour Junior has been made to step aside as the new managers say his continuous existence creates a duplication of roles with the Head of the new management team. The latest revelation comes about ...

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KPMG denies dismissals at Unibank


Managers of Unibank, KPMG, have dismissed media reports that they have terminated the appointment of some contract workers of the bank following an assessment of the bank’s operations. About five hundred workers of the bank are reported to have their employment contracts terminated as their roles were no longer needed. The report suggested that the workers affected included tellers and ...

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uniBank takeover : BoG rules out new negotiation with bank


The Bank of Ghana has ruled out any plans to negotiate with the old management of uniBank, to hand over the bank, before KPMG completes its six months’ mandate. The BOG, believes the old management of uniBank was given enough opportunities to turn the fortunes of the bank around but failed. The Bank of Ghana last week appointed an administrator ...

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BoG enforces separation of powers with new directive

Dr. Ernest Addison - BoG Governor

“No one individual shall have unfettered powers of decision in any regulated financial institution.” As a result, no one person shall assume two top positions in any regulated financial institution. These are but a few of the strong words contained in the Bank of Ghana’s new banking business – corporate governance directive. The document comes barely a week after the ...

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Unibank takeover: Analyst urges audit of banks’ risks to loan default  


Some economists are advocating an immediate audit into the risks faced by commercial banks in retrieving loans given to their customers to avert a collapse of the financial industry. The suggestions follow the Bank of Ghana’s decision to allow KPMG takeover the management of uniBank over their low capital levels. It is unclear what sanctions the central bank could apply if ...

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BoG takes over management of uniBank


The Bank of Ghana has 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. The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent. Addressing a press conference in Accra, Dr. Ernest Addison stated that KPMG has ...

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adb, uniBank saga: Shareholders chose profits over devt – Toma Imirhe

Toma Imirhe

Financial Analyst, Toma Imirhe has suggested that the decision to increase the profits of adb could have influenced the pledging of shares by some shareholders of the bank to uniBank. 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 ...

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Banker criticises basis for lifting adb’s suspension on GSE

GHana stock

Investment Banker, Mahama Iddrisu has said the decision by the Ghana Stock Exchange (GSE) to suspend the listing of ADB on the stock market was a hasty one. According to him, the GSE should have done due diligence before suspending adb from trading its shares. The Ghana Stock Exchange on Wednesday (March 7, 2018), suspended trading in the shares of adb following ...

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