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Business News of Wednesday, 19 August 2015

Source: The Finder

UMB sacks top guns

Universal Merchant Bank Universal Merchant Bank

After the unexplained exit of Nilla Selormey, Managing Director/CEO of Universal Merchant Bank (UMB), investigations by The Finder indicate that some executive and senior management team members have been asked to go home.

The affected officials are said to include Samuel Acquaye, Chief Operating Officer (COO); Kwame Poku, Head of Corporate Banking; and E. Ato Pinkrah, Group Audit Head.

Others are Valery Ashietey, Charles Eshun and Harriet Graham, among others.

Our investigations indicate that some of the affected workers have worked with the company for over 20 years.

According to our sources, the rate at which workers are being dismissed is causing anxiety among staff.

A source at the bank said, “UMB has made some changes to its executive and senior management team.

“This move will allow UMB to focus on the next phase of its growth strategy. A fundamental component of the bank’s growth strategy is a continued commitment to provide its customers with exceptional banking products and services.

“UMB would like to take the opportunity to assure its customers that the strategy includes an enhanced customer service approach that effectively conveys UMB’s customer-centric ‘you first’ philosophy.”

In April this year, UMB named John Awuah as its new Chief Executive Officer, to replace Nilla Selormey.

Madam Selormey, according to the bank, has been reassigned to take charge of UMB’s international expansion.

The bank had gone through a torrid time, burdened with massive debts, and the majority shareholder, the Social Security and National Insurance Trust (SSNIT), sold its shares in the bank to Fortiz.

UMB has subsequently renewed its focus and has revamped its credit policy to curtail historical bad loans, commissioned a Process Review Committee to review the existing processes, and took on new hires to drive its new vision.

Universal Merchant Bank (UMB) is a full-service financial institution specialising in customised banking products and services.

UMB opened on March 15, 1972, and is a leading Ghanaian indigenous bank with considerable financial expertise.

UMB is recognised for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions.

UMB currently has 28 branches and a vast network of ATMs.

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