The head of UT Holdings, Prince Kofi Amoabeng, said that the collapse of his bank has thought him enough lessons which will enable him to bounce back.
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Kofi Amoabeng, UT Boss
In an interview with Accra-based Joy FM, Kofi Amoabeng said that the collapse of his bank has thought him enough lessons which will enable him to bounce back.
“I don’t feel too bad about it, I think it’s the state institutions that are working. There’s a bit about the process which I felt wasn’t necessary… A lot of lessons learned and in life you never stop learning,” the former UT Bank CEO stated.
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When asked how he received the decision of the Bank of Ghana to allow GCB Bank takeover his bank he said he took the decision in “good faith” and has since moved on.
“Anything which happens you take it in good faith and move on. I certainly will come back… I’m a pensioner who keeps walking.”
In August 2017, the Bank of Ghana oversaw the takeover of UT and Capital Banks by GCB Bank in a purchase and assumption agreement.
This was because the 2 banks faced serious liquidity challenges at the time which affected the continuous existence and the financial industry altogether.
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Subsequently, GCB Bank collapsed at least thirty-one (31) branches of the defunct UT and Capital banks after it completed the full integration of the systems of the 2 banks.
A statement issued indicated that the closing down of some of the defunct branches brings the total number of GCB Bank’s branches to 183.
Associate - Business A feminist at heart and a lover of art. I believe in making business news easy for all to read and understand.
