UMB, GIB sign US$20m loan agreement
Universal Merchant Bank (UMB), one of the country's leading indigenous and customer oriented banks, and Ghana International Bank (GIB) Plc, a London-based and wholly-Ghanaian owned financial institution, have signed a US$20 million loan facility.
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The loan facility, which is a remittance-back medium-term loan with a three-year term, is to help boost medium-term financing for the corporate and small and medium enterprises (SMEs) in Ghana.
The Chief Executive Officer of the GIB, Mr Joe Mensah, who was accompanied by his Chief Operating Officer, Mr Andrew Kairu and their Country Head, Mrs Barbara Tetteh, signed for the GIB.
Accompanied by the bank’s Chief Operating Officer, Mr Stephen Antwi-Asimeng,as well as some of its management
personnel, the Managing Director and CEO of UMB, Ms Nilla Serlomey, signed for her bank.
Ms Selormey said the bank was committed to the development and success of its corporate and SME customers and as such, the loan facility would help provide the necessary financing to assist them in their continued growth and success.
For his part, the CEO of GIB, Mr Mensah, said the company was excited to enter into the agreement as it emphasised its integrated strategy of strengthening its ties in Ghana through association with indigenous banks, “while expanding our footprints into other parts of Africa”.
The Loan
Mr Antwi-Asimeng said the loan facility was an important element of the company's strategic plan to provide its customers with the financial support that they needed to grow their businesses.
He lauded the support of the GIB to achieving one of the company's targets, saying, "We are privileged to be working with GIB as they share our commitment to Ghana and to the growth of industry in this great nation".
