The Ghana Stock Exchange (GSE) has suspended the listing status of UT Bank following its collapse and subsequent takeover by GCB.
This was revealed in a statement issued by GES.
According to the statement, the suspension had become necessary due to the revocation of UT Bank’s licence by the Bank of Ghana.
“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 statement said.
UT Bank had its licence revoked alongside Capital Bank, which has also been taken over the GCB.
It pointed that ‘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’.
According to the Central Bank, it “revoked the licences of UT Bank Ltd and Capital Bank because of the “severe impairment of their capital.”