We built UT for humanity, not ourselves – Amoabeng

Outgoing CEO of UT Bank, Prince Kofi Amoabeng, has said the co-founders of UT Group of Companies built the firm for humanity and not for themselves, thus their decision to step aside for a new crop of leaders.

“When you build a company, you build a company for humanity, for the nation, it’s not for you, and, therefore, I think…it is the right time, for us to say we’ve done enough as individual – me and my partner Joseph Nsonamoah – we need to step aside for a new generation to take over and deliver what is expected,” he told journalists Tuesday when he announced his resignation as CEO.

The former Military man will be succeeded by Mr Stephen Antwi-Asimeng, who, has confessed that: “It is not easy filling the shoes” of Mr Amoabeng, who, still remains President of UT Group of Companies.

Mr. Amoabeng, who started UT Bank with Mr. Nsonamoah as a non-bank financial institution in 1997, has successfully transformed the small finance house into a universal bank focusing mainly on small and medium enterprises. The three-time “Ghana’s Most Respected CEO” (2008, 2010 and 2012) is often referred to as Ghana’s Johnny Walker Giant and earned among others: Overall Best Entrepreneur in the Maiden Ghana Entrepreneurs Award (2011); No. 3 in the 100 most influential Ghanaians as compiled by ETV, Ghana (2012), as well as the joint finalist with his partner in the Ernst & Young West Africa Entrepreneur of the Year Award (2011).

In response to challenges experienced over the last couple of years, the bank instituted a Turnaround plan “that is already showing positive results,” according to UT’s website.

The Plan, led by Mr. Amoabeng, has seen the bank, over the last six months, hire new seasoned senior management staff, including Mr. Antwi-Asimeng, formerly Chief Operating Officer of Universal Merchant Bank. Mr. Antwi-Asimeng, with over 25 years of banking experience, heads the new team as the Chief Operating Officer and “looks poised to assume the leadership role.” He is expected to drive the new strategic direction of making UT “the preferred bank in the country.” He brings on board professional experience in Banking & Finance, Investment, Management and Leadership and is directly responsible for Banking Operations, Banking Technology, Compliance, Service Quality and General Services. He has held several Senior and Executive Management positions including Board level appointments in the banking and financial services industry in Ghana.

Despite posting losses in the first quarter of 2015, UT Bank’s interim financial results for the third quarter of this year, show a steady improvement since the beginning of the second quarter. “This is clear evidence of the impact of the plan yielding the intended objectives of returning the bank to profitability,” UT said.

Mr. Amoabeng has expressed confidence in the future. “The team is focused on achieving the objectives of the Turnaround Plan…"