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HomeDigital BankingUMB welcomes BoG’s appointment of Advisor towards its recapitalization drive

UMB welcomes BoG’s appointment of Advisor towards its recapitalization drive

The Board of Directors of Universal Merchant Bank Ltd (UMB) has announced the appointment of Dr Joseph France by the Bank of Ghana as an Advisor to support the bank in its recapitalization drive as contained in central bank’s press release dated 28th March 2024.

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

The UMB Board says the bank is on track and its objective is to achieve full recapitalization before the targeted deadline.

The board in the statement released on Friday, March 29, 2024, said it 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.

“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” the bank said in a statement.

It also said, “The board and management assures 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 Omni channel solutions including the UMB SpeedApp agnostic mobile banking solution.

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