The Managing Director of Universal Merchant Bank, UMB, John Awuah, has been dismissed by the bank, Citi Business News has gathered.
It’s unclear what led to his dismissal, but sources close to the matter told Citi Business News the Chief Operating Officer, Mr. Benjamin Kwabla Amenumey, is to act in his stead ahead of the appointment of a substantive CEO.
UMB is one of the few local banks that will benefit from the special entity known as the Ghana Amalgamated Trust (GAT), created to support solvent local banks.
The Ghana Amalgamated Trust (GAT) was set up by the government to support solvent and well governed indigenous banks with a 2 billion cedis support to meet the capital requirement.
The Agricultural Development Bank (ADB), National Investment Bank (NIB), (OmniBank / BSIC), and Prudential Bank are the other beneficiaries of the fund.
According to the Bank of Ghana, these five solvent banks were unable to meet the BoG’s minimum capital requirement of GH¢400 million.
About John Awuah
Mr. John Awuah was the Chief Finance Officer and Director of Finance of GCB Bank Limited.
He joined GCB from Ecobank Capital where he was the Group Chief Finance Officer and exercised leadership over the finance functions of Ghana, Nigeria, Cote d’Ivoire, Cameroon, Kenya and Zimbabwe.
He has had senior management experience with Barclays Bank of Ghana, United Bank for Africa Ghana Ltd. (UBA Ghana Ltd.) and Standard Chartered Bank Ghana Ltd. with industry exposure from Tractor & Equipment (now Mantrac Ghana) and Western Castings Ltd. in various capacities.
Benjamin Kwabla Amenumey act as MD
Benjamin Amenumey has been the Chief Operating Officer of UMB since the beginning of February 2016.
Benjamin brings to the role his highly specialized knowledge of Banking Operations.
He has over 21 years’ experience in Banking Operations, Internal Control, Treasury and Treasury Operations.
He previously worked with Agricultural Development Bank and Barclays Bank Ghana Limited in various roles in Trade Services, Reconciliation, Remittances, SWIFT, Back Office Support, Treasury Operation, Operations Support for Consumer Banking, Corporate Banking, Payments, Cards Operations Unit, Cash Management Unit, and Treasury and Money markets activities, Properties and Procurement among others.