UT Bank Ghana Limited, commonly known as UT Bank (UTB), was a
commercial bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
It can also refer to a bank, or a division of a large bank, which deals with co ...
in
Ghana
Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...
. , the bank was one of the commercial banks licensed by
Bank of Ghana
The Bank of Ghana ( BoG) is the central bank of Ghana. It is located in Accra and was formed in 1957. The bank is active in developing financial inclusion policy and is a member of thAlliance for Financial Inclusion
History
The Central Bank ...
, the national banking regulator. On August 14, 2017, the bank of Ghana announced it had revoked its license, together with Capital Bank. The bank was taken over subsequently by
GCB Bank.
Overview
UTB was a medium-sized financial services provider headquartered in Ghana with subsidiaries in
West Africa
West Africa or Western Africa is the westernmost region of Africa. The United Nations defines Western Africa as the 16 countries of Benin, Burkina Faso, Cape Verde, The Gambia, Ghana, Guinea, Guinea-Bissau, Ivory Coast, Liberia, Mali, M ...
and
Western Europe
Western Europe is the western region of Europe. The region's countries and territories vary depending on context.
The concept of "the West" appeared in Europe in juxtaposition to "the East" and originally applied to the ancient Mediterranean ...
. The bank's total assets in December 2011 were valued at approximately US$378.4 million (GHS:712.9 million), with shareholders' equity of approximately US$32.5 million (GHS:61.23 million).
History
In 1997, Joseph Nsonamoa,
Prince Kofi Amoabeng co-founded Financial services and then renamed it Unique Trust Financial Services. UT Financial Services was a non-bank financial services provider (NBFI), in
Ghana
Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...
, which was incorporated in 1997. Over time, the NBFI acquired subsidiaries and was listed on the
Ghana Stock Exchange
The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 42 equities (from 37 companies) and 2 corporate bonds. All types of securiti ...
, under its
holding company
A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
, UT Holdings Limited.
In 2008, UT (Unique Trust) Holdings Limited acquired majority shareholding in a
Ghana
Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...
ian commercial bank called BPI Bank. The bank was re-branded as
UT Bank Ghana Limited and opened for business in May 2009.
In June 2010, UT Bank and UT Financial Services Merged into one new company called
UT Bank Ghana Limited. Through a reverse listing on the GSE, the new bank's shares became listed and those of UT Holdings were de-listed. Its shares trade under the symbol: UTB.
On August 14, 2017, the Central Bank of Ghana issued a statement to the press indicating that the license of UT Bank had been revoked along with another Ghanaian owned bank (Capital Bank).
In the same statement, the Central Bank also approved the take-over of UT Bank and Capital Bank by GCB Bank Limited. The first paragraph of the statement read "The Bank of Ghana has approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd. The Bank of Ghana has revoked the Licences of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impairment of their capital. The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC)".
On the same day the Ghana Stock Exchange announced that it had suspended the listing of UT Bank indefinitely.
Affiliate companies
The bank is a subsidiary of UT Holdings, which owns the following subsidiaries:
# UT Logistics - Headquartered in
Tema
Tema is a city on the Bight of Benin and Atlantic coast of Ghana. It is located east of the capital city; Accra, in the region of Greater Accra, and is the capital of the Tema Metropolitan District. As of 2013, Tema is the eleventh most populo ...
, Ghana
# UT Properties - Real estate development and management
# UT Collections - Debt Recovery
# UT Private Security - Armed and unarmed private security service
# UT Financial Services Nigeria - Loans and Lease financing solutions
# UT Financial Services South Africa - Headquartered in Johannesburg
# UT Life Insurance - Life Insurance
Ownership
The shares of the bank's
stock were listed on the
Ghana Stock Exchange
The Ghana Stock Exchange (GSE) is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently lists 42 equities (from 37 companies) and 2 corporate bonds. All types of securiti ...
, where they traded under the symbol: UTB. The seven (7) largest shareholders in the bank are listed in the table below:
Shareholding in UT Bank
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Branch network
As of January 2014, UT Bank maintains a network of Thirty (30) interlinked branches across all regions of Ghana.
Governance
The Chairman of the Board is Joseph Nsonamoah and the CEO is Stephen Antwi-Asimeng.
See also
*Economy of Ghana
The economy of Ghana has a diverse and rich resource base, including the manufacturing and exportation of digital technology goods, automotive and ship construction and exportation, and the exportation of diverse and rich resources such as hydr ...
*List of banks in Ghana
Below is a list of commercial banks in Ghana, as of March 2020.
Banks
# Absa Bank Ghana Limited
# Access Bank Ghana Plc
# Agricultural Development Bank of Ghana
# Bank of Africa Ghana Limited
# CalBank Limited
# Consolidated Bank Ghana Limit ...
External links
Website of UT Bank
Website of Bank of Ghana
References
{{DEFAULTSORT:UT Bank
Banks of Ghana
Companies based in Accra
Banks established in 2009
Ghanaian companies established in 2009
Companies listed on the Ghana Stock Exchange