Accra, June 16, GNA - Shares of UT Financial Services would now trad e under the name of a new entity UT Bank. This follows the listing on Wednesday of 91 million shares issued to
acquire UT Bank and the consequent change of name on the Ghana Stock Exchange. The move also concludes the technical merger between UT Financial Services Limited and UT Bank into one entity under the new name, UT Bank. UTF currently has 210,732,500 issued shares, all of which are listed on the Exchange. The listing of 91,304,348 additional shares on the Exchange
brings the post acquisition issued and listed shares to 302,036,848. The symbol of UT Bank would be UTB. Therefore, on the Exchange's Official List, UT Financial Services Ltd would be taken off and replaced with UT Bank Ltd (UTB). Shareholders of UTF now UTB who already have their shares in the GSE Depository would have the name of their holdings automatically changed to UT Bank Ltd.
Shareholders of UTF passed a resolution to acquire UT Bank merge operations of the two institutions and operate as a Universal Bank. The merger of the two entities is expected to increase the branch network of the new entity 27 branches in seven regions in Ghana. Mr Prince Kofi Amoabeng, Chief Executive Officer of UT Bank, said th e merger would strengthen the company to change the face of banking through
fast, efficient and respectful delivery of services, maintaining the core
proposition of a loan in less than 48 hours.
