Universal Merchant Bank, a leading indigenous Ghanaian bank, as part of its Jubilee celebrations has refreshed its private banking proposition, relaunched as Prominence Banking. Prominence Banking is positioned to cater to the needs of high-net-worth individuals in Ghana and the sub-region.
Many leading policy and research institutes indicate that there is a significant growth in the medium and high net worth customer segments in sub-Saharan financial markets. This is widely believed to be a function of the relative stability in sub-Saharan Africa over the last 30 years. Knight Frank’s 2019 Wealth Report, for instance, forecasts that there will be over 400 more billionaires in Africa by 2023, with significant clusters in South Africa, Kenya, Ghana and Nigeria. This explains the continued focus of commercial banks in Ghana on this segment. UMB, a leading indigenous Ghanaian bank has developed a proposition to serve customers in this segment, leveraging its 50-year leadership in Ghanaian merchant banking.
Speaking at the glitzy, customer soirée to usher in Prominence Banking, Executive Director for Business at UMB Nii Amankra Tetteh said, “At UMB, our high-net-worth customers and prospects are assured a team of dedicated and knowledgeable professionals who are well-versed in the art of providing exceptional service. Our treasury, wealth management advisory, and relationship managers collectively have over 150 years of banking experience, and our deep knowledge of Ghanaian finance means we deliver the flexibility required.”
According to the General Manager for Consumer Banking at UMB, Mr. Samuel Sakyi-Hyde, and the Head of Prominence Banking, Madam Gifty Opoku, who outlined the features of the new service, Prominence Banking members, are entitled to bundled current and savings accounts with embedded insurance offers, forex account solutions, investment and wealth management solutions, and other value additions including safe deposit boxes and alliances with leading premium brands.
Launching the service, Nana Dwemoh Benneh, CEO of the Bank said, “UMB is proud of its heritage in Ghana, and we are determined that our next 50 years will see us continue our leadership based on total focus and service to our selected customer segments. We have spent time fine-tuning our value-chain banking model, thus building a franchise that builds on our strengths in corporate and institutional banking. I can also assure our customers that a key aspect of our service will include more innovative and sophisticated digital solutions, and we should be able to deliver cutting-edge wealth management digital tools to Prominence Banking customers.”
The launch event was at an evening soiree, held at a bank location in Cantonments, Accra. It was graced by leading captains of industry and business owners as well as several prominent personalities. Partner brands who graced the event included TractaAfric BMW, Alliance Motors, Silver Star Motors and Imperial Homes.
UMB is a leading indigenous bank reputed for bringing a uniquely Ghanaian perspective to banking, since 1972. Headquartered in Accra and licensed by the Bank of Ghana, the bank operates out of 35 branches across Ghana. Its strategic aspiration is to become a digital-first, SME-focused bank. The Bank has pioneered several innovations in this market, including the UMB SpeedApp, one of the best performing agnostic banking apps in the sub-region.