UT Bank

UT Bank Ghana Limited, commonly known as UT Bank (UTB), was a commercial bank in Ghana. , the bank was one of the commercial banks licensed by Bank of Ghana, 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 and Western Europe. 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, which was incorporated in 1997. Over time, the NBFI acquired subsidiaries and was listed on the Ghana Stock Exchange, under its holding company, UT Holdings Limited.

In 2008, UT (Unique Trust) Holdings Limited acquired majority shareholding in a Ghanaian 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August 14, 2017, the Central Bank of Ghana issued a statement to the press indicating that the license of UT Bank had been revoked along with another Ghanaian owned bank (Capital Bank).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, 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, 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
*List of banks in Ghana

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