By Kofi AHOVI United Bank for Africa (UBA) is preparing the modalities for a rights issue to enable it to meet the new minimum capital requirement set by the Bank of Ghana (BoG). The bank is planning to raise an unspecified amount from its shareholders in Ghana and its parents company in Nigeria. The bank has up to December this year to meet the BoG’s new minimum capital requirement of GH¢60 million which was increased from GH¢7 million for universal banks in the country. According a report by PricewaterhouseCoopers on the banking industry in Ghana, UBA currently has about GH¢20.6 million and needs about GH¢39.4 by year end to enable it to meet the new minimum capital requirement. The right issues will see the group supporting its local subsidiary with part of the required capital, while the rest is raised by its local shareholders. The new minimum capital requirements are to be met in stages, involving different minimum capital levels for indigenous and foreign banks, during the fi...