Kofi Amoabeng resigns from UT Bank as CEO

It is unclear who will take the helm of affairs as new CEO, which will be announced shortly.


An internal memo circulating in UT Bank has revealed that Founder and CEO of the bank, Prince Kofi Amoabeng will  today formally announce his retirement from the bank.

This announcement will make him the  second member of top hierarchy of the indigenous Bank to leave the helm.

In May 2015, Deputy Manager of the Bank Pearl Esua- Mensah resigned from the bank to concentrate on her personal projects.

UT Bank, in the first half of 2015, posted the highest loss ever in its existence, about 30 million Ghana Cedis.

This is way more than than the 16 million Ghana Cedis in the three years of the Bank's existence.

The Bank's share prices have also not fared any better dropping from ¢0.45 at the beginning of last year to GH¢0.25 to close of the year. Interest expense on the other hand increased by 33% to GH₵154million and eroded much of the bank’s revenue earned.


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