Unibank Takeover Kofi Amoabeng says takeover of uniBank is “worrying”

The president of UT Holdings, Prince Kofi Amoabeng, said the Bank of Ghana could have thought of other options other than taking over uniBank.

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Kofi Amoabeng

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The president of UT Holdings, Prince Kofi Amoabeng, has described the takeover of another indigenous bank as worrying.

In an interview with Accra-based Joy FM, Mr Amoabeng said the Bank of Ghana could have thought of other options other than taking over uniBank.

“I think it’s a bit worrying with uniBank coming on the heels of UT and Capital Bank. I believe it can be sorted out. I think it is g better sometimes to take positive action and air things out and solve it than keep things under the rug.”

READ ALSO: Kofi Amoabeng promises to bounce back

On Tuesday, March 20, 2018, the Bank of Ghana announced that it has appointed an administrator, KPMG, to manage indigenous bank uniBank.

KPMG will be managing uniBank least for the next six months because the bank’s “capital adequacy ratio (CAR) has fallen below 50% of the required minimum of 10% (i.e. below 5%).”

“Under section 108 of Act 930, the Official Administrator is authorized to exercise a variety of powers to rehabilitate and return the bank to regulatory compliance within a period of six months, at the end of which the bank will be returned to private ownership and management,” a statement from the BoG said.

“The appointment by the Bank of Ghana of the official administrator is aimed at saving uniBank from imminent collapse. It will prevent potential losses to depositors and other creditors, and ensure that the financial condition of the bank does not create further risks for the entire financial system,” it added.

READ ALSO: uniBank executives lose jobs

The BoG has assured customers of uniBank that their deposits are safe and the bank is operating as normal.

However, Mr Amoabeng said it is sad for indigenous banks to be going down in such a way.

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