UT Bank
Encyclopedia
UT Bank Ghana Limited, commonly known as UT Bank (UTB), is a commercial bank
in Ghana
. , the bank is one of twenty-seven (27) licensed commercial banks in Ghana.
and Western Europe
. The bank's total assets in December 2009 were valued at nearly US$140 million, with shareholders' equity of approximately US$15 million.
, 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 Holdings Limited acquired majority shareholding in a Ghana
ian commercial bank called BPI Bank. The bank was re-branded as UT Bank Ghana Limited and opened for business in May 2009.UT Goes Into Banking
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. In effect, the bank became the new holding company. Its shares trade under the symbol: UTB.
are listed on the Ghana Stock Exchange
, where they trade under the symbol: UTB. The five (5) largest shareholders in the bank are listed in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | UT Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||UT Holdings Limited of Ghana
||61.11
|-
|2||London Investec Premier Funds of the United Kingdom
||05.63
|-
|3||Kura Africa Fund of Mauritius
||04.86
|-
|4||SSB London Investments & Asset Management of the United Kingdom
||03.19
|-
|5||Epack Investment Fund ||02.21
|-
|6|| Others||23.00
|-
| ||Total||100.00
|-
|}
is Joseph Nsonamoah and the Managing Director is Prince Kofi Amoabeng.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
. , the bank is one of twenty-seven (27) licensed commercial banks in Ghana.
Overview
UTB is a medium-sized financial services provider headquartered in Ghana with subsidiaries in west AfricaWest Africa
West Africa or Western Africa is the westernmost region of the African continent. Geopolitically, the UN definition of Western Africa includes the following 16 countries and an area of approximately 5 million square km:-Flags of West Africa:...
and Western Europe
Western Europe
Western Europe is a loose term for the collection of countries in the western most region of the European continents, though this definition is context-dependent and carries cultural and political connotations. One definition describes Western Europe as a geographic entity—the region lying in the...
. The bank's total assets in December 2009 were valued at nearly US$140 million, with shareholders' equity of approximately US$15 million.
History
UT Financial Services was a non-bank financial services provider (NBFI), in GhanaGhana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
, which was incorporated in 1997. Over time, the NBFI acquired subsidiaries and was listed on the Ghana Stock Exchange
Ghana Stock Exchange
The Ghana Stock Exchange is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently has around 30 listed companies and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy,...
, under its holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
, UT Holdings Limited.
In 2008, UT Holdings Limited acquired majority shareholding in a Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
ian commercial bank called BPI Bank. The bank was re-branded as UT Bank Ghana Limited and opened for business in May 2009.UT Goes Into Banking
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. In effect, the bank became the new holding company. Its shares trade under the symbol: UTB.
Subsidiary companies
The bank owns the following subsidiary companies:- UT Logistics - Headquartered in TemaTemaTema is a city on the Atlantic coast of Ghana, lying east of the Ghanaian capital city, Accra, in the region of Greater Accra. As of 2005, Tema had a population of 209,000. The Greenwich Meridian passes directly through the city...
, Ghana - UT Properties - Real estate development and management
- UT Collections - Debt Recovery and
- UT Private Security - Armed and unarmed private security service
- UT Financial Services Nigeria - Loans and Lease financing solutions
- UT Financial Services Germany - Headquartered in HamburgHamburg-History:The first historic name for the city was, according to Claudius Ptolemy's reports, Treva.But the city takes its modern name, Hamburg, from the first permanent building on the site, a castle whose construction was ordered by the Emperor Charlemagne in AD 808...
, GermanyGermanyGermany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
Ownership
The shares of the bank's stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
are listed on the Ghana Stock Exchange
Ghana Stock Exchange
The Ghana Stock Exchange is the principal stock exchange of Ghana. The exchange was incorporated in July 1989 with trading commencing in 1990. It currently has around 30 listed companies and 2 corporate bonds. All types of securities can be listed. Criteria for listing include capital adequacy,...
, where they trade under the symbol: UTB. The five (5) largest shareholders in the bank are listed in the table below:
{| style="font-size:100%;"
|-
| width="100%" align="center" | UT Bank Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||UT Holdings Limited of Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
||61.11
|-
|2||London Investec Premier Funds of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
||05.63
|-
|3||Kura Africa Fund of Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
||04.86
|-
|4||SSB London Investments & Asset Management of the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
||03.19
|-
|5||Epack Investment Fund ||02.21
|-
|6|| Others||23.00
|-
| ||Total||100.00
|-
|}
Branch network
As of February 2011, UT Bank maintains a network of twenty-seven (27) interlinked branches across all regions of Ghana.Governance
The Chairman of the BoardChairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...
is Joseph Nsonamoah and the Managing Director is Prince Kofi Amoabeng.