Business News of Sunday, 30 July 2017
The Universal Merchant Bank (UMB) says it is re-strategizing to become a tier one bank by 2020.
This was disclosed by the chief executive of UMB at a gala at the Movenpick Ambassador Hotel in Accra to express gratitude to customers and partners of the bank, as part of activities to mark the banks 45th anniversary.
A bank’s tier is the core measure of its financial strength from a regulator‘s point of view. It is composed of the bank’s primary capital stock and disclosed reserves.
Currently, a few banks in Ghana have reached the tier one status, especially in the wake of the announcement of a new capital requirement. Chief executive of UMB, John Awuah says plans are far advanced, in achieving what they refer to as agenda 2020.
“Agenda 2020 is something that is topmost on our priority. We have put in place measures and we are building our stock and capital strength to become a tier one bank”.
“It is part of our initiatives or goals to stand out as a strong bank. We know we have a lot of customers who are dynamic and this will better position us”. He explained what this will mean for the customer.
“Our customers are the reason why we are here and so they remain the core of our business and planning. We becoming a tier one bank means that our customers will be well served, we can meet their needs and there will be satisfaction”.
In her welcome remarks, UMB Board Chairperson, Mrs. Elizabeth Zormelo, stated that “As we celebrate our 45th anniversary, we acknowledge what we have achieved thus far, but we are also looking forward to the future. Like our founders, our vision for the future of UMB is ambitious and it is bold.”
She also expressed gratitude to the customers of UMB for contributing to the success of the bank. The festive evening included special guest former president Jerry John Rawlings and other notable dignitaries such as the Minister of Trade, Alan Kyerematen; the Minister of Information, Mustapha Abdul-Hamid; Deputy Chief of Staff, Mr. Francis Asenso-Boakye; former Governor of the Bank of Ghana, Dr. H. A. Kofi Wampah; Nii Kpobi Tettey Tsuru III, La Mantse; the acting head of the Ga Traditional Council, Nii Dodoo Nsaki II, Otublohum Mantse; and many others.
The evening highlights included performances by Steve Bedi, Kwabena Kwabena, the Abibigoromma Dancers and the premiere of a documentary showcasing UMB’s achievements and future strategy.