Business News of Thursday, 9 December 2021
Source: www.ghanaweb.live
2021-12-09You shouldn't have collapsed UT bank, bailout was an option - Kofi Amoabeng to govt
Chief Executive Officer of defunct UT Bank, Prince Kofi Amoabeng
UT Bank license revoked in 2017
UT Bank created a Ghanaian brand on the international market, Kofi Amoabeng
NDC bailed out UT bank during their time, Amoabeng
Chief Executive Officer of defunct UT Bank, Prince Kofi Amoabeng, has said the government could have rescued his bank from financial distress instead of shutting
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Speaking on Citi TV's The Point of View programme on Wednesday, December 8, 2021, Prince Kofi Amoabeng disclosed that his bank was a respected Ghanaian brand on the international market.
He said he gets irritated anytime he thinks about the collapse of some financial institutions in the country including his bank and how some banks were helped by merging them to stay in business.
“The bank wasn’t doing that well at the time but the way the government acted, some banks were helped, some banks were closed. That is what irritates me,” he stated. At UT, we created a Ghanaian brand which was respected internationally so to come to power to kill a local brand which is admired and used internationally [wasn’t the best]…
"You can bail it out and that is common [practice]. Initially, that was what was happening but that was the NDC time… For me, not because of my personal interest but I think for the country, we should have bailed it out,” he stated.
The Bank of Ghana on August 14, 2017, announced the revocation of UT Bank license.
The central bank ordered the Ghana Commercial Bank (GCB) to take over the operations of UT bank because the company's total capital was less than the par value of its capital stock.
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