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Business News of Monday, 16 April 2018

Source: Myjoyonline.com

UBA comfortable with new minimum capital requirement

United Bank for Africa, (UBA) says it is very comfortable with the Bank of Ghana's new capital requirement which has to be met by December this year.

On the deadline for meeting the new minimum capital requirement for the banks, Chief Executive of UBA West Africa and immediate past MD for UBA Ghana, Abiola Bawuah, says UBA has been ready since the announcement by the Central Bank and supports every step that strengthens the banking industry.

She believes the move will help commercial banks to take up bigger projects and also be able to lend to the private sector.

“We at UBA have said the decision by the Bank of Ghana is a welcome one and have always prepared to meet any rate they settle on. The bank has a strong liquidity position and therefore no cause for alarm in meeting the Ghc400 million capital requirement” she noted.

She hinted the Bank may in the future consider listing part of its shares on the Ghana Stock Exchange to offer an opportunity for Ghanaian investors to own part of the bank.

UBA is one of the biggest Nigerian banks operating in Ghana with a strong financial position of more than Ghc100 million as at the end of last year.