Tag: ADB
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Plans to recapitalize ADB threatens merger with NIB
It is emerging that the proposed merger between ADB and NIB may not come off following a recapitalization plan outlined by ADB. The Finance Minister, Ken Ofori Atta has stated of plans to establish a National Development Bank with the merger. The latest comes with about three weeks to the deadline for the minimum capital…
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adb workers want President to pull breaks on merger with NIB
The Professional and Managerial Staff Union (PMSU) of adb has petitioned President Akuffo Addo to intervene in the planned merger of adb and NIB into one entity. The workers’ union is protesting the creation of a National Development Bank through a merger of the two state owned banks. Meanwhile the Minister of Finance says the government is yet…
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adb embarks on expansion drive in Ashanti & Northern regions
ADB Bank is to commence the financing of selected projects in the Ashanti and Northern regions. This will also see the bank expand its branch network to the two regions. A statement from ADB to Citi Business News said, “the bank’s new focus is to work with small and medium size indigenous businesses with the…
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adb gets new Board of Directors
A new Board of Directors has been inaugurated for adb. The number of directors had dropped following the annulment of four institutional shareholders in the bank by the Bank of Ghana, last month. The four companies are; Starmount Company Limited, EDC investment, SIC Financial Services as well as Belstar Company limited. According to the central…
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No trading in adb shares for three days
From today, July 17, 2018, investment brokers and other parties interested in the trading of shares of ADB, cannot engage in the service. It follows the suspension of trading activities of ADB by the managers of the Ghana Stock Exchange for three days. The Managing Director of the Ghana Stock Exchange, Kofi Yamoah disclosed this…
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ADB’s trading on stock market to stagger as Belstar et al exit
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…
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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…
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adb, uniBank saga: Shareholders chose profits over devt – 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…
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Banker criticises basis for lifting adb’s suspension on GSE
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…
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adb, uniBank saga: SIC-FSL did not pledge shares
Citi Business News is learning that SIC Financial Services Limited (SIC-FSL) has not pledged its shares in adb to uniBank in fulfilment of an earlier financial commitment. 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…