Business News of Monday, 2 March 2015
Success begets more success and that is exactly the story at UMB as it announces the appointment of its new CEO, Mr JohnAwuah
UMB bank burst onto the financial market in 2014 with boldness and newness and in this short spate of time, it has succeeded in achieving tremendous success.
It revamped its credit policy to curtail historical bad loans, commissioned a process review committee to review existing processes and took on new hires to drive its new vision of excellence and customer focus.
It relocated its Head Office to the SSNIT Emporium Building at Airport, refurbished 9 existing branches, added six brand new branches including state of the art branches in Airport, Labone and Junction Mall.
Over the period, UMB has reactivated over 20,000 dormant accounts and signed on over 11,000 new accounts, deployed 20 ATM across the nations and introduce 13 new products including 4 designed for children.
The flurry of activities, underpinned by sound financial thinking, have led the bank to make significant cost savings every month to make it a very strong brand in the banking sector In Ghana.
UMB is now ready to consolidate its gains under new leadership and has appointed Mr John Awuah as CEO.
Mr.Awuah comes to the team with a high degree of financial and managerial acumen. His is a notable personality in the banking industry and his rise in the sector has been meteoric.
He is a pioneer member of the Standard Chartered Bank International Accounting Standards project implementation team for Africa which handled the initial conversion of Financial Reporting across Africa from local accounting principles to International Financial Reporting Standards in 2004.
As the Head of Finance of United Bank for Africa Ghana Ltd (UBA), Mr. John Awuah spearheaded the set-up and operations of the finance function of the bank and led the bank’s branch rollout strategy.
As Financial Controller of Barclays Bank of Ghana, John played a key role in the successful corporate turnaround of the bank; migrating it from a loss making entity in 2008 to the number one bank (in terms of profitability) in 2011.
He was the leader of the Finance Functions of Ecobank Capital in six African Countries where he spearheaded relationship with Regulators and Corporate Strategy in the Investment Banking arm of the Ecobank Group.
Mr. Awuahcomes to UMB from GCB Bank Limited where he operated as the Finance Director/Chief Finance Officer playing a key role in the ongoing institutional transformation and cultural change programme In his tenure, UMB proposes to make even greater strides.
It will deploy more ATMs to bring its total to over 90 ATMs nationwide, complete 3 more state of the art branches in Osu, Airport and East Legon and add 3 additional MTOs ( Trans fast, Unity Link, Oasis) to its portfolio to enhance remittance business. UMB’s expansion drive in 2015 includes a continued quest to upgrade for efficiency and growth.