Universal Merchant Bank (UMB) has received funding to meet the new Bank of Ghana (BoG) minimum capital requirement of GHC 400 million by December 31, 2018.
A statement issued by Mr John Awuah, Chief Executive Officer (CEO), UMB, and copied to the Ghana News Agency said: "As a Ghanaian owned bank, we at UMB have always been proud of our commitment to the local economy and local businesses, investing in the success and prosperity of our nation".
Mr Awuah said: “We are excited about this development, for our customers and also for Ghana. This allows us to continue the great work we have been doing, promoting the independence of Ghanaian industries. Now, we can provide funding for Ghanaian business initiatives now, and for generations to come."
The statement said UMB had a rich history of supporting local businesses and in the past, was key in the establishment of Ghana’s first mortgage bank, as well as the Ghana Stock Exchange.
"We continue to support the growth of our local economy through our increased support to Small and Medium-sized Enterprises (SMEs), through our Centre for Businesses, as well as Government partnerships such as the One District, One Factory (1D1F) initiative," the statement said.
The UMB Bank (UMB) is a full-service financial institution specializing in customized banking products and services, and begun operations on March 15, 1972. UMB is a leading Ghanaian indigenous bank with considerable financial expertise.
It is recognised for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions, the statement said, adding that UMB currently has 36 branches, three UMB Centres for Businesses, one UMB Public Private Partnership (PPP) Incubator Centre and a vast network of ATMs.