GSE suspends listing status of UT Bank Limited indefinitely

UT Bank

The Ghana Stock Exchange (GSE) has with effect from Monday, August 14, 2017 suspended the listing status of UT Bank Limited indefinitely due to failure to publish its financial results since the end of its financial year December 31, 2015.

The GSE said in a statement that the non-publication is in breach of the continuing listing obligations under the GSE Listing Rules. The GSE has collaborated closely with Bank of Ghana (BoG), the regulator for banks on this matter.

The suspension has also become necessary due to the revocation of the licence of UT Bank by BoG effective Monday, August 14, 2017 in a letter to the Exchange dated August 11, 2017. In the said BoG letter, the BoG has approved a purchase and assumption agreement by GCB Bank Limited to acquire the total deposit liabilities and some selected good assets of UT Bank.

The GSE will continue to collaborate closely with BoG and the Securities and Exchange Commission to ensure that the interest of shareholders of UT Bank are protected in accordance with the GSE Rules and any guidelines or notices that may be issued by BoG.

UT Bank Ghana Limited, commonly known as UT Bank (UTB), is a commercial bank in Ghana. As of February 2011, the bank is one of the commercial banks licensed by Bank of Ghana, the national banking regulatory.

UTB is 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 USD378.4 million (GHS:712.9 million), with shareholders’ equity of approximately US$32.5 million (GHS:61.23 million).

I.n 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.