Banking & Finance

UMB celebrates BOST revival at customer recognition event

Universal Merchant Bank (UMB), a leading indigenous Ghanaian Bank in  Ghana recently undertook a recognition and courtesy event for one of its leading customers, the Bulk Oil Storage and Transportation Company Limited (BOST).

The event was to celebrate the recent successes and revival at BOST including the recognition of the Managing Director, Mr. Edwin Provencal as the CEO of the year for the Petroleum Sector in Ghana.

The prestigious award was presented at the recent Ghana Business Standard Awards where Mr. Edwin Alfred Provencal was adjudged the Petroleum Sector Chief Executive Officer of the Year, 2022 at the 6th Ghana Energy Awards. Mr. Provencal is one of Ghana’s leading CEO’s with a rich track record of delivery. He was in 2019  appointed as the Managing Director for the Bulk Oil Storage and Transportation Company Limited (BOST).

During his tenure of office, Mr. Provencal working under the direction of his board and with the support of his staff is reputed to have turned around the fortunes of BOST.  The Bulk Oil Storage and Transportation Company Limited (BOST) was formed in 1993 to keep the national strategic petroleum reserves and transport petroleum products from one depot to another throughout the country. Their strategic ambition is to become the number one fuel and logistics business in West Africa and in recent times have chalked many milestones.

Universal Merchant Bank, one of Ghana’s leading indigenous banks is a key financial services provider to BOST. The Bank was established in 1972 as a policy bank and is reputed to be a growth partner for  Ghanaian enterprises. The Bank has been key in several developments in the Ghanaian financial industry including the establishment of the stock exchange.

Speaking at the event, Nana Dwemoh Benneh, CEO of UMB said “We are truly proud of our relationship with BOST and the growth achieved by BOST in this relatively short period of time, under the inspired leadership of Mr. Edwin Provencal. As a Ghanaian Bank we particularly prioritize our service to Ghanaian enterprises.

We are determined to deploy world class banking solutions to grow BOST into a leader in the Petroleum industry not only in Ghana but West Africa. This will be in line with our heritage of supporting key players in the Ghanaian economy since 1972. We are proud and happy that our banking advisory services and products have played a part in the revival and growth agenda of BOST.”

In his response, Mr. Edwin Provencal expressed his extreme gratitude to UMB, the board and staff of BOST for their support in his achievement. He recounted BOST’s relationship with UMB, particularly from 2016 to date.

He acknowledged that 2017 was a key point in the relationship as UMB stepped up and provided a line of credit for BOST, which allowed the company to begin the revival of its activities.

“In 2017, most banks were unwilling to engage with BOST. UMB, however,  was confident in our plans and supported us, and  today we are growing from strength to strength. We will continue to rely on our growth partner , UMB, as we forge ahead to develop and thrive in Ghana.” 

The recognition event was well patronized with members of both boards in attendance as well as other senior executives.

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