UMB affirms commitment to face future - At 45th anniversary gala
The story of Universal Merchant Bank (UMB), an indigenous financial institution, reads like a tale encapsulating the spirit of enterprise, self-determination and commitment.
It is also a narrative that demonstrates how a vision which had its roots in Ghana has evolved over a period of 45 years.
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To narrate and appreciate the bank’s origin it is perhaps important to roll back to the early 1970s, a period of economic stagnation in most countries in the world.
The 1970s was also a time of putting an end to the general post-World War II economic boom. It differed from many previous recessions as being a stagflation, where high unemployment coincided with high inflation for many economies across the world.
Pinpointing the exact moment when an idea is born is almost an impossible task, even for the originator of the concept.
In trying to understand how the idea of UMB came about, it is perhaps more apt to focus on the contributory factors which have made it possible for the concept to take shape and form.
When the founding fathers of UMB, formally known as Merchant Bank, opened its doors in 1972 for business, they knew that the destiny of the financial institution would be a force to reckon with-a home-bred banking colossal.
In the words of the current Board Chairperson of the bank, Mrs Elizabeth Zormelo, at the bank’s 45th anniversary gala that was held on Friday, July 28 in Accra, “45 years ago the founders of UMB, had a vision to create a bank that will support the corporate and the private sector of our economy in the country’s quest for development,” she noted.
According to her, the ambition of the forefathers at the time in the history of the country’s development was bold, their confidence was unshakable, and they knew that our country needed a strong banking partner to lay the foundation for a thriving and vibrant corporate and private sector.
“Today we are celebrating that bold vision and I on behalf of the board of directors, management and staff welcome you to celebrate in our success story,” she said.
She stated that many top companies in Ghana at one time or another had a relationship with UMB, for providing the necessary financing and banking support to help them grow into what they have become today.
Visionary Leaders
The , in his address explained that “when we opened our doors in 1972 to become a premium merchant bank serving a young nation Ghana it was an audacious plan.”
“These are exciting times for us especially for those of us who are connected to this unique brand called UMB. Forty-five years is truly a significant milestone which is not a feat to be taken for granted.”
According to him, the first Managing Director (MD) of the bank, Mr George Hammond, was a visionary who was the first of many visionary leaders for the bank.
“His strategic thinking and his commitment to excellence laid the foundation for the successes that this bank had chalked up over the years. Naturally Mr Hammond did not achieve this success on his own but through the support of hard working staff, which included Mr Adjei Gyamfi, Mr Afare Donkor, Mrs Stephanie Baeta-Ansah, Mr
Yeboa Amoa, Mr Jude Arthur, Mr Fred Apaloo and Mr Fred Aware, among others.”
Facing forward
Mr Awuah observed that “if you review the bank’s 45 year history and link it to the corporate as well as the private sector of the country, you will realise that the bank has made significant contributions to Ghana’s socio-economic development.”
Taking inspiration from Ghana’s first President, Dr Kwame Nkrumah, when he was asked whether he would look to the East or West for inspiration, Dr Nkrumah said “we face neither East nor West we face forward.”
Mr Awuah affirmed that in order to ensure continuous longevity and successful growth, UMB will face forward.