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Business News of Tuesday, 20 March 2018

Source: citifmonline.com

KPMG takes over management of uniBank

The Bank of Ghana has announced that it has appointed audit firm, KPMG as administrator for uniBank.

This means that the central bank has taken over the assets and management of uniBank.

The Governor of the Bank of Ghana, Dr. Ernest Addison says uniBank is currently insolvent.

Addressing a press conference in Accra, Dr. Ernest Addison stated that KPMG has been appointed to manage the bank to save it from collapse.

Citi Business News’ Lawrence Segbefia reports that the central bank has ordered the management of uniBank to step aside and allow the new entity, KPMG assume the management of the bank.

He also adds that the central bank had indicated that the bank’s capital has been close to the 400 million cedis minimum requirement expected of commercial banks by December 2019.

The announcement comes two weeks after uniBank announced a purported takeover of adb after some shareholders of the latter, pledged their shares in the bank.

The BoG at the time, dismissed the reports explaining that it has not approved any such agreement.

The CEO of uniBank, Dr, Kwabena Duffour Junior told Citi Business News that uniBank is set to assume a controlling interest in ADB after a consortium of shareholders pledged their shares, proceeds, entitlement and voting rights to Unibank.