Union Savings and Loans Company to become Omni Bank
Union Savings and Loans Company is to be transformed into a fully-fledged universal bank providing the complete range of financial services to its clients.
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With effect from September 10, 2016, the company will be known as Omni Bank.
The Head of Business at the Union Savings and Loans Company, Mr Dominic Donkoh, made this known in an engagement the company had with customers in Accra.
The interaction was held to share with customers and others intending to do business with the company, ongoing changes and new services that would be introduced following its transition from a savings and loans institution into a bank.
The meeting also offered the attendees the opportunity to share their expectations.
Mr Donkoh said the company had met requirements from the central bank that enabled it to transform from a savings and loans company to a fully-fledged universal bank.
He said over the past 27 years, the company had evolved from a forex bureau to a savings and loans institution and now wanted to dominate the banking industry after meeting the Gh¢120 million capital required of it by the Bank of Ghana.
Sources close to the company said the company had to raise GH¢149 million from new and existing investors in order to meet the Bank of Ghana’s capital requirement.
In 2013, a team of investors, led by the Jospong Group, took over the company, which is one of the oldest savings and loans institutions in the country, and had since turned its fortunes around.
Information available indicates that the total assets of the company increased from Gh¢15 million to more than GH¢100 million in 2014, while deposits also shot up from Gh¢10million in 2012 to Gh¢100million in the same year under review.
SME focus
The Managing Director of Union Savings and Loans Company, Mr Philip Oti-Mensah, who spoke on the transition process, said Omni Bank would focus on small and medium-scale enterprises and provide services ranging from deposits and transactions to rapid and sustainable lending.
He said the bank would serve individuals and businesses with high-quality products and ensure that it had satisfied employees in all ways, including the provision of equipment.
He added that the company currently had 21 branches and would be rolling out six more while it continued to employ innovative systems that would enable it to serve its customers better.
He said further that existing customers could use their current cheque books until December when it would cease to be tenable.
The Chairman of the Board of Directors of the company, Mr Baba Issah, said “The institution had evolved with the aim of serving our customers better”.
He urged all customers of the company who might experience any challenges during the period of transition to forward their complaints to an established call centre and the management of the company.
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