uniBank takeover: Deposits are safe – BoG

uniBank takeover: Deposits are safe – BoG

- Bank of Ghana (BoG) has assured customers of indigenous local bank, uniBank, that their deposits will remain safe despite

- The Governor of the Bank of Ghana, Dr. Ernest Addison, explained that the decision was to save the bank from collapse

No customer of uniBank will lose his or her savings despite the management of the bank being taken over by the KPMG, the Bank of Ghana has assured.

A statement from the BoG announced the takeover, with the explanation that uniBank’s capital adequacy ratio (CAR) has fallen below 50% of the required minimum of 10% (i.e. below 5%).

uniBank takeover: Deposits are safe – BoG

Dr. Ernest Addison, BoG Governor

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It further indicated that KPMG will take over the management of uniBank for at least six months, before it is returned to private management.

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,” sections of the statement from the BoG read.

The statement added that “the appointment by the Bank of Ghana of the official administrator is aimed at saving uniBank from imminent collapse”.

This, the BoG said, “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.”

Various concerns have been raised since the takeover was announced, with customers of uniBank worried by the probability of losing their savings.

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However, speaking on the issue, the Governor of the BoG, Dr. Ernest Addison, has assured that no customer will lose his or her savings.

According to him, “the bank will continue to run as usual, all depositors’ funds are safe. Nobody will lose money. We’ve proven that earlier and nobody will lose money in this exercise.”

Dr. Addison explained that “all that the Bank has done is to put in a new team to manage the bank. We are trying to save the bank from imminent collapse. We are saving an indigenous Ghanaian-owned bank.”

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READ ALSO: Here are 7 reasons why BoG took over uniBank

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Source: Yen.com.gh

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