The Union of Commerce and Finance Workers (UNICOF) is calling for Central Bank and other regulatory bodies to speed up investigations into the issues it has raised against the Managing Director and Board Chairman of ARB Apex Bank.

The Union has alleged that the Managing Director is engaging in some rather unprofessional activities with the support of the Board of the Board Chairman.

The Union has for the next two days, directed its members in all the bank’s branches across the country to wear red armbands in protest against the development.

The General Secretary of UNIOCF, John Senanu Amegashie says, the situation is largely to blame for the dwindling fortunes of the bank in recent times.

He said they currently, the Bank is running at a loss of close to GH¢7million adding when they were preparing the budget for next year, the MD, and the Board has estimated a GH¢10 for next year.

"If you are managing the organization well, how could you as a Bank estimate a GH¢10 million and what accounted for that is not known to us," he said.

Mr Amegashie said that is why they have asked the MD to step aside for investigations into the issue.

He adds, the outcome of attempts to get regulatory bodies to address the issue leaves much to be desired.

"We have petitioned the Bank of Ghana which has put a team in place and said they would get back to us in two weeks. We have not heard from them since then. He was invited to the Economic and Organised Crime Office (EOCO) and we cannot even tell what happened there.

According to him, they dread the Bank running to them to say its books are not too good and they have to lay staff off adding, "in avoidance of that we are saying the authorities must speed up their investigations and must be concluded in a good time for us to have the results.