Universal Merchant Bank

The Universal Merchant Bank was formally called Merchant Bank Ghana Limited and it has a head office in Accra, the capital City of Ghana.

Overview

Universal Merchant Bank was opened to the Ghanaian public on 15 March 1972 as a merchant bank. UMB as it is referred to introduced Retail Banking with the acquisition of a Universal Banking License in 2005.^[1]

History

Universal Merchant Bank (Previously Merchant Bank Ghana Limited) was the first to establish a hire-purchase and leasing business. It began a its first discount house in Ghana and arranged for the formation of the First Mortgage Company which now called Home Finance Company (HFC). The bank fell behind its competitors due to bad debts. In 2011, the bank yielded a loss after tax of GH¢23.4million. This trend prompted Social Security and National Insurance Trust (SSNIT) its majority shareholder, to sell the bank to Fortiz Equity Fund Limited, a Ghanaian private equity fund. The take-over negotiations bonded the new owners to put an adequate capital solvency and liquidity challenges which the bank faces. Part of the bank is listed on the Ghana Stock Exchange (GSE) within 3 years.^[2]

Executive Management Team

Stephen Antwi-Asimeng is Chief Operations Officer

References