uniBank CEO denies ADB takeover

The Chief Executive Officer of indigenous bank, uniBank has dispelled reports of an alleged takeover of Agricultural Development Bank (ADB).

Reports were rife on Wednesday that the management of the bank had acquired 51 percent shares of ADB however, the bank in a statement has nullified the reports.

“On the back of the newspaper publication this morning concerning the purported takeover of ADB by uniBank, we wish to state emphatically that we are NOT taking over ADB,” parts of the statement read.

Giving details of the deal between the two banks, CEO of uniBank Dr. Kwabena Duffuor II in his statement said: “In November 2017, we reached an agreement with the Belstar led a consortium to sell their entire holding in ADB and, to subsequently invest the proceeds into uniBank.”

“This led to an agreement between both parties with a set timeline for closure of the transaction which would culminate in uniBank raising a minimum of GH¢600 million in capital and with Belstar acquiring a stake in uniBank.”

However, the management of uniBank has given the assurance that Agric Development Bank (adb) will retain its focus on agricultural financing despite the acquisition of controlling stake by the former.

It is estimated that ADB is currently responsible for about 85% of institutional credit to the agricultural sector, an important backbone of Ghana's economy.

Read the full statement below: