GSE suspends listing of UT Bank as BoG revokes license, GCB Bank to buy UT Bank deposits

The Ghana Stock Exchange (GSE) has suspended the listing of UT Bank indefinitely following the bank's failure to publish its financial results since December 2015, which is in contravention of the GSE Listing Rules.

Is UT Bank heading for liquidation? The GSE communiqué indicated that the UT Bank's license is expected to be revoked today by the Bank of Ghana (BoG), and its deposit liabilities and selected good assets will be acquired by GCB Bank.

Please see below the entire communiqué

The Ghana Stock Exchange (GSE) has with effect from Monday, August 14, 2017 suspended the listing status of UT Bank Limited indefinitely.

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 suspension has also become necessary due to the revocation of the licence of UT Bank by BoG effective Monday, August 14, 2017 in a letter to the Exchange dated August 11, 2017. In the said BoG letter, the BoG has approved a purchase and assumption agreement by GCB Bank Limited to acquire the total deposit liabilities and some selected good assets of UT Bank.

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.

Further information through Press Releases will be published as appropriate.