We've not approved takeover of ADB -- BoG Governor speaks

BY: Maxwell Akalaare Adombila

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, says the central bank has not given its approval for the takeover of the ADB Bank.

The comment was to help "clarify the purported takeover of ADB," the governor said in Accra on Wednesday morning.

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Speaking at the inauguration of Ecobank's Head office in Accra, Dr Addison said his comment on approval was to help clarify the matter.

Related: Unibank takes over ADB

The Business and Financial Times newspaper on Wednesday March 7 reported that, some key shareholders of ADB had pledged their rights and voting rights, among others to the UniBank Ghana Limited, a counterpart indigenous lender.

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The position of the shareholders, led by Belstar Capital meant that UniBank would henceforth act on behalf of the shareholders as far as ownership and decisions of ADB were concerned.

Related: ADB suspended from Ghana Stock Exchange over 'purported takeover'

However, commenting on the matter for the first time, Dr Addison said "let me at this time take this opportunity to respond to some news making the headlines. Let me clarify that the BoG has not given its approval to the purported takeover or pledge of shares in the ADB."

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Read also: UniBank’s takeover of ADB null and void – BoG

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