Union Savings and Loans will be rebranded as Omni bank as it has met the GH¢120 million minimum capital to operate a universal bank as against the GH¢15 million for a savings and loan company.
Union Savings and Loans was issued with a provisional banking license by the Central bank last year and is expected to commence operations as a commercial bank in July, 2016.
Registered in 1989, Union Savings & Loans, being one of the oldest savings and loans companies in Ghana, has been operating in the banking sector as a “tier 2” Bank and has undergone major restructuring and recapitalization in the last few years.
In 2013 the company set out with a new vision to be at the top of the tier 2 banking space by 2015 and by 2017 to become a bank.
Managing Director of Union Savings and Loans, Philip Oti- Mensah speaking about the company’s performance so far said “since we set of, we grew our total assets from just about 15 million in 2012, by end of 2014 184 million, and that is about a 12 fold growth.
At the same time we increase our deposit base from just about 10 million in 2012 to almost a 100 million in 2014, and that is about a 10 fold increase.
We’ve grown our loan portfolio by almost 12 fold. And with these we have indeed not only become a strong brand in the tier 2 banking space but also left to the key figures we are indeed in the top 5.
Despite the short term successes we believe that these first 3 years have largely been a period of building a brand therefore we are not satisfied, we want to achieve more towards vision 2017 as we seek to become a dominant commercial bank,” Mr.Oti-Mensah added.