play videoCaptain Kofi Amoabeng (Rtd), CEO of defunct UT Bank
Kofi Amoabeng explains why UT Bank was shutdown
Businesses go through problems, no matter how big, Amoabeng
UT Bank's revocation was government's discretion, Amoabeng
Chief Executive Officer of the defunct UT Bank, Captain Kofi Amoabeng (Rtd) has said he has moved on from the unfortunate incident that befell him some years ago.
In an interview on Peace FM on Monday, November 15, Kofi Amoabeng said
Read full article.had he harboured bitterness in him, he would have been dead by now.
His comment follows a question posed to him by the host of the Kokrokoo Morning show, Kwame Sefa Kayi, if he was not bitter.
In Amoabeng's words, "no! no!! no!!! looking at my age, if I had harboured bitterness in me, I would have died a long time ago."
"Whatever that happens to me, it has happened and you get on with your life,” he stressed.
The businessman, however, admitted that the bank was going through a regression phase hence government's decision to close it down was prudent.
“The truth is if the bank was fully functional, meeting all the capital requirements from its regulators, the government would not have closed down the bank. But the bank was going through problems and every business goes through problems; it doesn’t matter how big you are."
"It is the government that will decide to close it down because it is that bad or it should be bailed out because it is dear to the country; this is all government’s discretion on behalf of the people," he said.
He added that for UT’s position, the government decided that the bank's problems had exceeded an intervention, thus, the possibility of the bailout was unfeasible, "therefore, it needs to be closed down and so be it; it was closed down."
Captain Prince Kofi Amoabeng (Rtd) was at Peace FM to advertise his new book which chronicles the successes and twilight of his company.
The book titled 'THE UT STORY: Humble beginnings' seeks to teach the youth and all Ghanaians about the hidden realities of UT Financial Services and some moral lessons for young entrepreneurs.
Background
The Bank of Ghana revoked licences of UT Bank Ltd and Capital Bank Ltd and approved a Purchase and Assumption (P&A) transaction with GCB Bank Ltd that transferred all deposits and selected assets of the two banks after they were found to be deeply insolvent.
The Central Bank subsequently revoked the universal banking licences of five banks including UniBank Ghana Limited, Construction Bank, Sovereign Bank, Royal Bank and Beige Bank and issued a licence to a newly created bank – Consolidated Bank Ghana Limited – which is wholly owned by the Government of Ghana.
BoG further revoked the licenses of 23 insolvent savings and loans and finance house companies.
The companies are GN Savings and Loans Ltd., Ideal Finance Ltd., IFS Financial Services Ltd., Legacy Capital Savings and Loans Ltd., Midland Savings and Loans Company Ltd., Sterling Financial Services Ltd., uniCredit Savings and Loans Ltd., Women’s World Banking Savings and Loans Co. Ltd., Accent Financial Services Ltd. and Adom Savings and Loans Ltd.
Others are AllTime Finance Ltd., Alpha Capital Savings and Loans Ltd., ASN Financial Services Ltd., CDH Savings and Loans Ltd., Commerz Savings and Loans Ltd., Crest Finance House Ltd., Dream Finance Company Ltd., Express Savings and Loans Company Ltd., the First African Savings and Loans Company Ltd., First Allied Savings and Loans Co. Ltd., First Ghana Savings and Loans Co. Ltd., First Trust Savings and Loans Ltd. and Global Access Savings and Loans Company Ltd.
