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UT Collapse Kofi Amoabeng promises to bounce back

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 play

Kofi Amoabeng, UT Boss

The head of UT Holdings, Prince Kofi Amoabeng, has said that he will bounce back after his bank; UT Bank collapsed.

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.

READ ALSO: Here are the reasons why BoG took over uniBank

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.

READ ALSO: Meet all the Unibank Executives who will lose their jobs after the takeover

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.

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