UT Bank woes deepen as GSE suspends its listing on the Exchange

The Ghana Stock Exchange (GSE) has suspended the listing of UT Bank Limited indefinitely and this follows the forceful takeover of UT by Ghana Commercial Bank.

The suspension follows the revocation of the license of UT Bank which was announced on Monday August 12, 2017 because of the banks increasing liabilities which outstrip its assets.

A statement from the Ghana Stock Exchange said it is suspending the listing of UT Bank because “it 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 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.