Friday, May 14, 2021

UBA woo local investors in Ghana Stock Exchange

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Bola Macaulay
Bola Macaulay is a freelance journalist based in Ibadan Oyo State. She is a graduate of Univesity of Ibadan and she's married with kids

United Bank for Africa, (UBA) has hinted it will be listing part of its shares on the Ghana Stock Exchange to offer an opportunity for Ghanaian investors to own part of the bank.

The move according to the bank is to strengthen its operations in Ghana.

This will mean that after operating for more than ten years in Ghana, the bank’s shareholding structure will change from its current position if all plans go well before the end of the year.

Chief Executive of UBA West Africa and immediate past MD for UBA Ghana, Abiola Bawuah said the plan is top of the bank’s agenda for this year.

“We have just finished with our council meeting and I must say, the first and topmost on the agenda was the listing plans. We want to be on the Ghanaian bourse” she told our source in an exclusive phone chat
UBA is one of the biggest Nigerian banks operating in Ghana with a strong financial position of more than Ghc100 million as at the end of last year.

Minimum capital requirement

On the deadline for meeting the new minimum capital requirement for the banks, Mrs Bawuah said UBA has been ready since the announcement by the Bank of Ghana and supports the idea.

She believes the move will help commercial banks to take up bigger projects and also be able to lend to the private sector.

“We at UBA have said the decision by the Bank of Ghana is a welcome one and have always prepared to meet any rate they settle on. The bank has a strong liquidity position and therefore no cause for alarm in meeting the Ghc400 million capital requirement” she noted.

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