17 June 2010

Ghana: UT Bank Listed

UT Financial Services yesterday listed 302348 shares to acquire UT Bank and changed their name on the Ghana Stock Exchange to UT Bank LTD. The move, however, finalizes the technical merger between UT Financial Services Limited and UT Bank into one entity, under UT Bank.

Hence all shares previously traded under UT Financial Services will now be traded under the name of the new entity -UT Bank.

Chief Executive Officer of UT Bank, Prince Kofi Amoabeng reiterated that the bank was poised to revolutionalize the banking industry in the country.

According to him, the bank's ultimate aim is to make banking a pleasurable experience to the unbanked and more especially for the Small and Medium Scale Enterprises, which is said to be the engine of growth. He added that the bank will be guide by the principle and values of integrity and uphold the status quo.

UT Financial Services, which was recently voted the most respected company, and its CEO the Most Respected CEO by its peers, is also ranked fifth on the Ghana Club 100, started off as a finance house-a non bank Financial Institution in 1997. Over the past 13 years, the company carved a niche for itself as a fast and efficient provider of financial solutions.

In 2008, the owners of UT Financial Services through their holding company, UT Holdings acquired majority shares in BPI Bank and took over the operations of the bank under the new entity. The merger of the two companies thus increases the branch network of the entity to 27 branches, in seven regions in Ghana.

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