We’re ready to inject more cash to revive uniBank – Shareholders

By: Godwin Akweiteh Allotey | citinewsroom.com

Shareholders of uniBank have said they are ready to inject more capital into the bank which according to the Bank of Ghana (BoG) is on the verge of collapse.

uniBank is currently being run by private audit firm, KPMG Ghana, following a directive by the Bank of Ghana some four months ago.

This was after the BoG announced it has taken over the insolvent bank to prevent it from collapsing.

Several months down the line, stakeholders of uniBank in a letter addressed to the Official Administrator, KPMG, and signed by Dr. Kwabena Duffour on behalf of the bank’s stakeholders, said they have enough funds and assets totaling GHc7.1 billion to resuscitate the bank.“We are also ready to progress discussions on the appropriate structure to handle and leverage the assets of the bank registered with the name of the holder, House of Duffuor Assets (HODA),” the letter signed added.

KPMG, which was named as the official administrator by the Bank of Ghana (BoG) put the total deficit of uniBank at GHc4.9 billion.

KPMG in a letter it wrote to shareholders of uniBank gave them three options including recapitalization.

The stakeholders in their response said they are more than willing to recapitalize uniBank.

“We attach the evidence of the first tranche amount of two hundred million United States Dollars (US$200.0 million) to be received this July 2018. The shareholders remain committed to inject another tranche of one billion Ghana cedis (GHc1.0 billion) by the end of September 2018. Evidence of this would be provided to you in due course.”

The bank also said Belstar Consortium has also assured to “off-load all of its shares in adb bank and invest the proceeds in uniBank.”

This the shareholders say would bring in additional funds of about GHc700 million

The statement also said because HODA properties still owns uniBank’s assets “it is our view that these assets together with shareholder’s assets totaling GHc4.4 million shall be warehoused in a trust, to be held for the bank and appropriately leveraged to raise and inject funding into the bank.”


“Giving the foregoing, the stakeholders have committed to provide funds amounting to GHc2.7 billion, and assets worth GHc4.4 billion totaling GHc7.1 billion far above the GHc4.9 billion gap indicated in your letter dated 31st May 2018. The shareholders are committing these funds and assets to ensure that this will result in a well-capitalized, liquid and solvent bank, and believe the Official Administrator will come up with a model in achieving this objective,” uniBank’s stakeholders added.

The shareholders also said they also intend to engage a First Class International Bank as a strategic partner of the bank.

“It is expected that this strategic partner will play a major role in the future management of the bank following successful approval of the Bank of Ghana. It is the utmost desire of the shareholders to work with the Official Administrator (OA) by providing the necessary funding and support that will protect depositor-interest and ensure the future prosperity of the bank,” the statement added.

 

Facebook Comments

Pin It on Pinterest

Share This