Kweku Baako On adb UniBank Saga: ‘Let’s Support Indigenous Banks To Grow’

Kweku Baako On adb UniBank Saga: 'Let's Support Indigenous Banks To Grow'

Government contingency emanate a enabling sourroundings to make inland banks some-more rival and to tarry in a face of unbending foe from unfamiliar banks, maestro publisher Kweku Baako Jnr has stated.

The editor in arch of a New Crusading Guide journal pronounced it will be out of place to concede such banks to fall hence a applicable regulatory bodies contingency conform out measures to keep a inland banks afloat.

His comments follow new news surrounding a heading wholly-owned Ghanaian bank uniBank, when a consortium of financial institutions that control infancy shares in a Agricultural Development Bank (ADB), affianced a shares, proceeds, desert and voting rights to uniBank. The consortium, led by Belstar Capital – a warden plan financial and doing institution, also includes Starmount Development Company Limited, EDC Investments Limited and SIC-FSL. They took adult a estimable interest (51%) in ADB’s Initial Public Offering (IPO) in 2016 when a bank announced a skeleton to go public.

“It appears to me that Belster Capital had a goal and design to assistance uniBank to lift capital,” Mr. Baako Jnr pronounced on MultiTV’s news research uncover Newsfile.

The news lifted a lot of regard on a financial market, with a Central Banking observant it requires a blessings before it will be valid.

However, Mr. Baako has called on a supervision to emanate a condition that prevents a fall of any inland bank “if we can, as most as possible”.

“We contingency be committed to that in principle. Nigeria has too many inland banks here [in Ghana] and outward elsewhere…I am not certain how many Ghanaians banks work in other jurisdictions,” he added.

uniBank has simplified that a preference is not a takeover of ADB.

“Due to a behind timeline of a equity investment, uniBank has taken a additional prevision of committing Belstar Capital to their requirement underneath a share subscription agreement by pledging all shares hold by a Belstar led consortium in ADB to safeguard that a transaction will be done and a deduction for a sale of shares paid directly to uniBank.

“It is opposite this credentials that Belstar Capital Ltd and other members of a consortium of shareholders have affianced their shares in ADB to uniBank to denote their joining to a agreement and a vital instruction of uniBank.

“We wish to put on record that a oath by members of a Belstar led consortium does not consecrate a sale of shares to uniBank. It is usually a proof of joining by the collateral lifting partners and contingency be deliberate as such,” Chief Executive Officer Dr. Kwabena Duffuor II pronounced in a matter final week.

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