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.