UMB appoints new CEO
Universal Merchant Bank Ltd (UMB) has announced the appointment of Dr Philip Oti-Mensah as its new Chief Executive Officer.
With a distinguished career spanning over 20 years in banking and financial services, Dr Oti-Mensah brings to UMB a wealth of experience in strategic leadership, operational excellence, and innovation-driven growth, the bank said.
UMB is a leading indigenous Ghanaian bank renowned for being one of the oldest banks in the country.
It has served the local environment for over 50 years — since 1972 — and is credited with a customer-centric profile and digital banking solutions.
“Dr Oti-Mensah is a dynamic and results-driven business leader with experience in Banking and Development Finance.
His career spans leadership roles across Africa, where he has played a pivotal role in driving growth, operational excellence, and financial inclusion,” a statement by the bank said.
“Throughout his career, Dr Philip Oti-Mensah has led and advised numerous financial institutions, demonstrating a strong track record of transformation and innovation.
He has served as a Management Consultant for FINCA Bank Tanzania, a Non-Executive Director at ProCredit Bank Congo, Deputy CEO of ProCredit Ghana, CEO of Union Savings and Loans, and CEO of OmniBank,” the statement added.
In his most recent role as Executive Director and Chief Operating Officer of OmniBSIC Bank, he successfully led the seamless integration of systems, policies and procedures following the bank’s merger. He also spearheaded a customer experience transformation programme, reinforcing the bank’s position in the financial sector.
Credentials
Dr Oti-Mensah holds a Bachelor of Science in Banking and Finance and a Master of Business Administration (MBA) in Project Management from the University of Ghana Business School.
He also earned a Master of Applied Business Research and a Doctor of Business Administration from the Swiss Business School.
His executive education includes programmes from globally renowned institutions such as INSEAD (Singapore) and the London Business School (UK).
A distinguished finance professional, he is a Fellow of the Chartered Institute of Management Accountants (CIMA) and a Certified International Change Manager (CICM).
He also holds a postgraduate diploma in International Bank Management from the ProCredit Academy in Germany.
His outstanding contributions to the financial sector have earned him numerous accolades, including the President’s Award for Excellence in Banking and Finance (2020) and the Private Sector COO of the Year (2023).
Beyond his corporate leadership, Dr Oti-Mensah is an international speaker and guest lecturer on Leadership and Financial Inclusion.
He also serves on the boards of several reputable institutions in Ghana.
Reactions
Reacting to the appointment, the acting Chairman of the UMB Board, Derrick Hope Gidzi, stated: “We are delighted to welcome Philip to the UMB family.
His proven track record and visionary outlook align perfectly with our long-term strategic goals.
We are confident that UMB will continue to excel under his leadership”.
In response to the appointment, Dr Oti-Mensah stated: “I am honoured to join UMB at such a pivotal time.
UMB is a proudly Ghanaian institution with a deep commitment to excellence, innovation, and service.
I look forward to working closely with the board, management and staff to unlock new opportunities and deliver lasting value to our customers and communities, to bring long-term value to all stakeholders”.
About UMB
UMB is a full-service financial institution specialising in customised banking products and services.
Headquartered in Accra, with branches across the country, UMB is known for its entrepreneurial heritage, strong SME support and leading digital banking platforms.