UMB Gets Funding For Recapitalisation

Universal Merchant Bank (UMB) says it has received funding to meet the new Bank of Ghana (BoG) minimum capital requirement of GH¢400,000,000.

In a release issued yesterday in Accra, it said as a Ghanaian-owned bank, UMB has always been proud of its commitment to the local economy and local businesses, investing in the success and prosperity of Ghana.

“We are excited about this development, for our customers and also for Ghana. This allows us to continue the great work we have been doing, promoting the independence of Ghanaian industries. Now we can provide funding for Ghanaian business initiatives now and for generations to come,” said John Awuah, CEO of UMB.

“UMB has rich history of supporting local businesses, and in the past was key in the establishment of Ghana’s first mortgage bank, as well as the Ghana Stock Exchange.

“We continue to support the growth of our local economy through our increased support to SMEs, through our Centre for Businesses, as well as government partnerships such as the One District, One Factory initiative.”

UMB is among five indigenous banks some private pension funds in Ghana have injected fresh equity capital through a special purpose holding company called Ghana Amalgamated Trust Limited (GAT).

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