uniBank Takeover uniBank to be investigated by key agencies

The Second Deputy Governor of the Bank of Ghana  Elsie Awadzi said the investigation will go beyond the administration of Unibank to ensure it corrects the wrong committed by the bank.

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The Second Deputy Governor of the Bank of Ghana  Elsie Awadzi has indicated that the Central Bank will engage key agencies to help them with investigations as it begins an audit of Unibank following its takeover by KPMG.

In an interview with Accra-based Citi FM, Elsie Awadzi said the investigation will go beyond the administration of Unibank to ensure it corrects the wrong committed by the bank.

“As part of the official administration of the bank we will get access to additional information, we will get access to facts and figures, we will get access to documents, we will get access to far more information than is available to us now.  On the basis of any such information we obtain, we will see what the options are for addressing and correcting what has happened in the past. We will involve any other authorities that need to be involved in order to address this issue.”

 

READ ALSO: Meet all the Unibank Executives who will lose their jobs after the takeover

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

The Governor of the Central Bank said the BoG took the decision to prevent the collapse of uniBank since it has technically become insolvent.

He said that ”UniBank persistently maintained a capital adequacy ratio (CAR) below zero (currently negative 24%), making it technically insolvent. This contravened the 10% minimum CAR required.”

KPMG will be responsible for safeguarding the assets of the bank, securing depositors funds and saving the bank as well as contributing to the overall stability of the financial system.

READ ALSO: BoG says customers of UniBank will not lose their savings

In a related development, top executives of the bank have been asked to step aside while KPMG manages the bank and auditing commences.

According to a statement from KPMG “the powers, functions and responsibilities of the shareholders, directors and key management are suspended with the appointment of the official administrator.”

KPMG further stated that business operations of the bank will resume Wednesday 21st March 2018 at 12 noon at all branches will from Thursday 22nd March the bank will open for business at the normal operating hours.

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