Audio By Carbonatix
Officials of Agricultural Development Bank (adb) have denied the bank has been taken over by another indigenous bank, uniBank, describing the report as pure lies.
Although there is an acknowledgement of moves to transfer a majority of the shares to uniBank, adb says such an action would have to be sanctioned by the Central Bank.
At the moment that has not been done despite receiving letters from the consortium of banks such as Belstar Capital Limited, EDC Limited and Starmount Investment Limited to that effect, adb said in a statement.
Reports about the takeover of adb shook the financial market resulting in the decision by the Ghana Stock Exchange (GSE) to suspend trading in shares of the bank.
Two other indigenous banks - UT and Capital banks - were acquired by GCB bank in August last year after the Bank of Ghana authorised the transaction.
Although uniBank Executive Director Clifford Mettle had said the takeover had been duly approved by the relevant institutions, the Central Bank has denied authorising it.
BoG Governor, Dr Ernest Addison
BoG Governor, Dr Ernest Addison said the Central Bank has neither sanctioned the change of adb ownership nor the willing of the majority shareholder's rights to uniBank.
Reacting to the report hours later, adb said a pledge to transfer rights and shares to a third party does not translate to a "transfer of ownership."
"If the shareholders mentioned herein have pledged their shares together with any benefits or privileges attached thereto that will not have the effect of making uniBank a shareholder of the Agricultural Development Bank Limited or constitute a takeover of the Bank," it said in the statement.
But a lecturer with the University of Ghana Business School has questioned the intervention by both the Central Bank and GSE, saying it was "too quick."
"The whole thing is a process [but the two were too] quick to come out," Dr Lord Mensah told Evans Mensah on Joy FM's Top Story.
Reports about the takeover of adb shook the financial market resulting in the decision by the Ghana Stock Exchange (GSE) to suspend trading in shares of the bank.
Two other indigenous banks - UT and Capital banks - were acquired by GCB bank in August last year after the Bank of Ghana authorised the transaction.
Although uniBank Executive Director Clifford Mettle had said the takeover had been duly approved by the relevant institutions, the Central Bank has denied authorising it.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Salah-Mane rivalry renewed in AFCON semi-finals
44 minutes -
What does Trump’s foreign policy mean for World Cup?
53 minutes -
Carrick confirmed as Man Utd caretaker head coach
1 hour -
CPS & JoyNews to hold public lecture on Ghana’s move to back currency with gold
2 hours -
Africa Education Watch supports calls for review of SHS teachers’ manual, curricula over gender controversy
2 hours -
Ntim Fordjour demands review of SHS teachers’ manual over gender controversy
2 hours -
GCB Bank hands over renovated dormitory to TAMASCO
2 hours -
Nkyinkyim Band to headline Ghana Independence celebration in London
2 hours -
NPP leadership has lost touch with grassroot – Dr Nyaho-Tamekloe
3 hours -
IGP’s Team nabs drug suspects in Tamale swoop; seizes cash, narcotics
3 hours -
NaCCA revises teacher manual, withdraws ‘gender definition’ content deemed contrary to Ghanaian values
3 hours -
Ntim Fordjour condemns gov’t over gender definition in curriculum
3 hours -
NPP must develop thick skin for criticism – Dr Asah-Asante
4 hours -
Auditor-General raises alarm over 2,000+ weapon interceptions at airports
4 hours -
Motorists lament years of faulty traffic lights at Poku Transport Junction
4 hours
