UT unveils Revolutionised Banking on August 4

The Accra International Conference Centre will be the action spot on the evening of Wednesday August 4, 2010 when UT Bank performs another official launch to announce their presence on the local banking scene.

Just five days after the prestigious Ghana Bankers Awards held at the same venue, the UT Bank official launch is to announce the merger between UT Financial Services and UT Bank after receiving the blessing of the Securities and Exchange Commission (SEC) and the Ghana Stock Exchange (GSE) to merge the activities of UT Financial Services and UT Bank.

“As UT Bank we have a lot to offer our clients and it is an opportunity to unveil some of the new products,” said Sophia Lissah Media and PR Manager for UT Holdings.

Shareholders at the UT Financial Services’ Annual General Meeting (AGM) on March 30th this year had passed a resolution to allow the company to acquire UT Bank, merge the operations of the two institutions and operate as a Universal Bank. The merger of the two companies immediately increased the branch network of the new entity 27 branches in seven regions in Ghana.

The long wait was over and the evolution complete at the GSE on June 17 2010 finally listed all 91million shares of UT Bank on the Accra bourse as it changed the name of UT Financial Services to UT Bank on the exchange.

In addition to the shares of UTFSL, UT Bank (UTB) got listed with a total of 302,032,340 shares on the exchange bringing to eight the number of banks on the exchange.

To this end all shares previously traded under UT Financial Services started trading under the name of the new entity-UT Bank.

CEO, Kofi Amoabeng told newsmen at the bank’s annual Olympics recently that UT Bank was in to revolutionise banking in Ghana.

The bank which started at Kantamanto in Accra, one of Ghana’s largest informal sector enclaves with less than five workers now has over 500 employees with many more branches to open and job prospects getting enlarged with time.

“We have had informal sector clients doing business with us over the years, and now that we have become a bank we are going to continue to do business with them,” he promised explaining that some of these informal sector clients who had not been banked yet would be given the opportunity to be banked, thus increasing the number of the banked in Ghana.

The mother company, UT Holdings, also has other businesses such as UT Properties, UT Logistics, with branches in Germany and Nigeria.

Mr. Amoabeng also disclosed to the newsmen that UT already had an operating License in the U, where it hoped to launch before the end of 2010.