UT is now UT Bank

UT Financial Services Limited (UTFSL) is to among other initiatives have its name changed to UT Bank.

The move which is however subjected to regulatory approval forms part of the special resolutions associated with the UTFSL’s proposal to acquire and merge with its smaller subsidiary, UT Bank valued at 21 million Ghana cedis.

Chief Executive Officer of UT Bank, Prince Kofi AmoabengThese special resolutions received shareholder approval last Tuesday March 30, during the annual general meeting of UT Financial Services.

The move is to enable the merged entity take advantage of the growth opportunities in the banking sector to the benefit of the shareholders.

UT Financial Services said though its shareholders stand the risk of having their shareholding somewhat diminished at the initial stages of the merger, the value of the shares is rather expected to appreciate over time.

The Chief Executive, Prince Kofi Amoabeng, explained that the number of shares and the price of the shares will be the same.”

According to him, “with the idea behind the merging and the potential that it hopes to unleash we believe it is going to result in gain in the number of shares that we are holding.”

The resolution was however not passed without the initial expression of mixed views by the shareholders.

The shareholders also passed a resolution that empowers the company to buy back its shares as and when necessary until the next AGM.

The company posted a net profit after tax of over 7.5 million Ghana cedis and declared a dividend of 1.07 pesewas per share amounting to 2.12 million Ghana cedis…the dividend according to the company is to be paid by the end of May.

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