Former uniBank Managers Hopeful of Overturning Takeover

The former managers of uniBank are hopeful of reversing a takeover of the bank by the Bank of Ghana amid claims the Central Bank failed to notify them about the move.

According to Reuters report, the former managers of the uniBank insist that the central bank did not meet the requirement to notify them before announcing the takeover which appointed accounting firm KPMG as administrator for uniBank to save it from imminent collapse.

“We intend to go for arbitration,” said Dominic Ayine, a legal adviser to Unibank.

It will be recalled that the Governor of the Bank of Ghana, Dr Ernest Addison on March 20 declared uniBank insolvent and announced a takeover which rendered all executives of the bank jobless.

The Bank of Ghana is now in control of the day to day running of the local bank and appointed KPMG as the official administrator to oversee the takeover process.

He said: “We have just appointed a new management for uniBank, it will be KPMG. The Bank would continue to run as usual, all depositors funds are safe nobody would lose money, we have proven that earlier.”

“Let me repeat that all depositors funds are safe, and nobody would lose money in this exercise… we are not liquidating the bank, we are saving it,” Dr Addison said”.

uniBank is the third local bank after UT Bank and Capital Bank, to be taken over by the Bank of Ghana. Both banks (UT Bank and Capital Bank) have since been rebranded into branches of the GCB Bank Limited.

Source: Graphic Online