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Appointment of advisor will bolster recapitalization drive – UMB

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The Board of Universal Merchant Bank (UMB) has welcomed the appointment of Dr. Joseph France as an Advisor to support the Bank in its recapitalization drive.  

The Bank of Ghana announced Dr. France’s appointment in a press release dated 28th March 2024.

As part of the post-DDEP recovery plan, all banks have been given up to December 2025 to restore their minimum paid-up capital.

Welcoming the appointment in a statement issued today, UMB’s Board of Directors noted that the bank is on track in its objective to achieve full recapitalisation before the targeted deadline.  

“The Board therefore is appreciative to the Bank of Ghana for the effort to support the Bank with the appointment of Dr. France for the above-stated purpose,” the statement sighted by thebftonline.com read in parts. 

“UMB wishes to assure its cherished customers, all other stakeholders, and the general public that the Bank is resilient and resolute with an unwavering commitment to continue to work in their best interest. The appointment of the Advisor will therefore be complementary to the above commitment,” it added. 

The Board and Management further assured Dr. France of its commitment to work closely on speeding up and concluding the recapitalization process within the stipulated period.  

About UMB

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

UMB opened on March 15, 1972, and is a leading Ghanaian indigenous bank with considerable financial expertise. UMB is recognized for its entrepreneurial approach, innovative use of technology and distinctive banking solutions.

UMB currently has thirty-five (35) branches, three (3) UMB Centres for Businesses, 1 UMB PPP Incubator Centre, and a vast network of ATMs.

UMB is also ISO 27001 and PCI DSS certified and boasts a full suite of omnichannel solutions including the UMB SpeedApp agnostic mobile banking solution.

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