UBA to recapitalise before December 2009

The United Bank for Africa (UBA) Ghana Limited, a leading universal bank in the country, has disclosed that it would be fully recapitalised before the December 2009 deadline.

To this end, shareholders of UBA Ghana Limited have agreed to inject more capital into the bank, to enable its meet the Bank of Ghana's minimum capital requirement of GH¢60 million.

The Executive Director of UBA Ghana Limited, Mr. Daniel Addo, disclosed this in an interview with The Chronicle at the Ghana International School in Accra on Saturday, where staff of the bank were engaged in their annual fun games.

By the Central Bank's requirement, banks with largely foreign ownership have up till December 2009 to meet the minimum capital requirement, whilst those with local ownership have up till December 2009 to increase their capital to GH¢25 million and then afterward to GH¢60 million in 2012.

Mr. Addo was confident that UBA Ghana Limited was on course to meeting the Central Bank's recapitalisation programme before the December this year.

On the global economic crisis, which is sweeping through some banks and other sectors of the advanced economies, Mr. Addo said, “Although the UBA Group is a global bank, the Group is not in anyway affected by the crisis.”

UBA Ghana Limited, which entered the competitive Ghanaian banking industry in 2004, can now boost of over 20 branches in the eight regions of Ghana, while plans are afoot to further organically rollout some branches in the Upper East and Upper West Regions next year, to bring the UBA's banking experience to the doorsteps of people in that part of the country.

Touching on the importance of the fun games to the bank, the Executive Director noted that it served as an avenue to socialise, know one another better, relieve stress, and also promote the general health status of the staff.

Earlier in the day, the bank's Ladies Team thrashed the Executive Committee Team, led by the Managing Director, and Chief Executive Officer of the UBA Ghana Limited, Mr. Gabriel Edgal, two goals to nil.

The second match was between Real Dan Addo team, a team named after the Executive Director of the Bank, and another team in red jersey, which was won by Real Dan Addo by two goals to one.

Last year's champions, known as Atletico Odonkor, whipped the Western Region Branch of the UBA team by two goals to nil.

Though the Western Region team blamed their defeat on fatigue, they proposed a dancing competition to amend the defeat.

By this win, Atletico Odonkor qualified to play the final of the fun games with the Real Dan Addo team, which ended two goals to one in favour of the Dan Addo boys.

The Managing Director/CEO of the bank presented the Golden Cup and an amount GH¢1,000 to the Real Dan Addo team, while the Atletico Odonkor went home with a silver cup. By this emphatic win, the Real Dan Addo team is now the champion team of the bank.

Addressing the staff, after the fun games, the Managing Director/CEO of the UBA Ghana Limited, Mr. Gabriel Edgal, congratulated the teams for putting up a brilliant performance.

He disclosed that the selection committee of the bank had selected some of the players of the matches to form a formidable team for the bankm which would play with the Ghana Immigration Service in the course of the year.

Mr. Edgal advised his workers to exercise alwaysm so as to live happier, healthier lifestyles.