The Ghana Stock Exchange (GSE) has deleted UT Bank Limited from entities listed on the country’s stock exchange.
This follows the Bank of Ghana’s revocation of UT Bank and Capital Bank’s licenses. The action, according to the Central Bank “has become necessary due to severe impairment of their capital.”
The two banks will therefore be taken over by the GCB Bank and that the remaining assets and liabilities will be realised and settled respectively through a “receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).”
Below is the full statement from the GSE:
The Ghana Stock Exchange (GSE) has with effect from Monday, August 14, 2017 suspended the listing status of UT Bank Limited indefinitely.
UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015. The non-publication is in breach of the continuing listing obligations under the GSE Listing Rules. The GSE has collaborated closely with Bank of Ghana (BoG), the regulator for banks on this matter.
The suspension has also become necessary due to the revocation of the licence of UT Bank by BoG effective Monday, August 14, 2017 in a letter to the Exchange dated August 11, 2017. In the said BoG letter, the BoG has approved a purchase and assumption agreement by GCB Bank Limited to acquire the total deposit liabilities and some selected good assets of UT Bank.
The GSE will continue to collaborate closely with BoG and the Securities and Exchange Commission to ensure that the interest of shareholders of UT Bank are protected in accordance with the GSE Rules and any guidelines or notices that may be issued by BoG.
