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Business News of Monday, 18 June 2018

Source: Myjoyonline.com

Private investors express interest to takeover uniBank - KPMG

Managers of uniBank, KPMG confirmed it has received proposals from some private investors expressing interest to take over the operations of the bank.

This follows a decision by the Bank of Ghana to put the uniBank under administration with the audit firm KPMG.

The firm is expected to present the state of the bank report to the Bank of Ghana in six months after which a final decision will be taken by the regulator.

In an exclusive interview with JoyBusiness, Senior partner at KPMG, Anthony Sarpong said they have received some proposals but have been deferred until further notice.

“Some people have sent an email but we have to hold them,” he said.

Mr Sarpong noted, “I was supposed to have a meeting with a potential investor who expressed readiness but we haven’t gotten there yet, first of all, it’s not even in our mandate to do that”

He noted, “It’s a market situation so people are watching because already it was announced that the bank doesn’t have capital meaning someone with a capital may want to take over but we told them to hold on for us then the bank of Ghana can take that decision.”

The Bank of Ghana earlier this year took over the operations of the indigenous bank for some reasons including insolvency and lapses in governance structure and handed over to the international audit firm to restructure and bring it back to a strong footing within six months.

The appointment by the Bank of Ghana of the official administrator is aimed at saving UniBank from imminent collapse.

It will prevent potential losses to depositors and other creditors, and ensure that the financial condition of the bank does not create further risks for the entire financial system.