UT Bank
 | |
| Company type | Public |
|---|---|
| GSE: UTB | |
| Industry | Financial Services |
| Founded | 2009 |
| Headquarters | Accra, Ghana |
Key people | Joseph Nsonamoah Chairman Prince Kofi Amoabeng CEO and Founder |
| Products | Loans, Investments Corporate Banking, International Banking, Commercial Banking |
| Revenue |  Aftertax: US$6.93+ million (GHS:13.1 MILLION) (2011) |
| Total assets | US$378.4 million (GHS:712.9 million) (2011) |
| Owner | Ghanaian & International Investors |
| Website | Homepage |
UT Bank Ghana Limited, commonly known as UT Bank (UTB), is a commercial bank in Ghana. As of February 2011[update], the bank is one of the commercial banks licensed by Bank of Ghana, the national banking regulator.[1]
Overview
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 US$378.4 million (GHS:712.9 million), with shareholders' equity of approximately US$32.5 million (GHS:61.23 million).[2]
History
UT Financial Services was a non-bank financial services provider (NBFI), in Ghana, which was incorporated in 1997.[3] 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.[4] The bank was re-branded as UT Bank Ghana Limited and opened for business in May 2009.[5][6]
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.
Affiliate companies
The bank is a subsidiary of UT Holdings, which owns the following subsidiaries:[7]
- 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 are listed on the Ghana Stock Exchange, where they trade under the symbol: UTB. The seven (7) largest shareholders in the bank are listed in the table below:[8]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | UT Holdings Limited of Ghana | 40.40 |
| 2 | DEG Germany | 13.50 |
| 3 | Africa Capitalization Fund | 10.10 |
| 4 | IFC | 10.10 |
| 5 | Investec Public Fund | 4.70 |
| 6 | Kura Capital | 3.70 |
| 7 | Duet | 2.40 |
| 8 | Others | 14.90 |
| Total | 100.00 |
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 Prince Kofi Amoabeng.
