[ 2016-08-26 ]

SME focus a priority as Union Savings transition to Omni Bank
Dominating the retail banking space would be one
of the major priorities for management of Union
Savings and Loans as it transitions into Omni Bank
Limited.

The company has been undergoing restructuring and
recapitalization in the last four years.
Management says all is set for the transition to a
universal bank on September 12.

Union has been operating in Ghana since 1989 as a
tier 2 bank with a focus on Small and Medium-sized
Enterprises (SME) development.

Managing Director, Phillip Oti-Mensah says that
would not entirely change.

“The SME space is quite broad. SMEs contribute
50 percent to gross domestic product (GDP).
There’s a lot in there to do”, he told Joy
Business at a transition engagement with clients
in Accra.

Mr Oti-Mensah explained that the switch would
enable Union to enhance services to entrepreneurs
and its growing clientele.

The changeover would also enable the bank to
engage in forex transactions and clear cheques
faster at lower costs.

Clients who spoke to Joy Business at the
transition engagement called on management to also
place a premium on customer satisfaction.

Union started operating in the country in 1989 as
a tier 2 bank with an initial capital of GH¢5
million. It currently boasts of over Gh¢140
million as capital strength, operating 21 branches
across the country.

It aims to increase its capital base to Gh¢3
billion Ghana Cedis and increase its customer base
from over 60,000 to one million by 2020.

Source - Myjoyonline.com

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