The Board of Universal Merchant Bank Ltd (UMB) has acknowledged the appointment of Dr. Joseph France as an Advisor to support the bank in its recapitalisation drive as contained in Bank of Ghana’s press release dated 28 March 2024.

The bank, in a statement, said: "As part of the post-DDEP recovery plan, all banks have been given up to December 2025 to restore their minimum paid-up capital", noting: "UMB is on track and is its objective to achieve full recapitalisation before the targeted deadline."

The Board, therefore, said it was "appreciative to the Bank of Ghana for the effort to support" UMB with the appointment of Dr. France for the above-stated purpose.

UMB, however, assured its customers, all other stakeholders and the general public that the bank is "resilient and resolute with an unwavering commitment to continue to work in their best interest." 

"The appointment of the Advisor will, therefore, be complementary to the above commitment", the Board said.

The Board and Management of UMB also assured Dr France of its commitment to work closely on "speeding up and concluding the recapitalisation process within the stipulated period.