No Result
View All Result
Sunday, June 11, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Let’s remain optimistic – Otuo Siriboe to Ghanaians

    South Africa congratulates Ghana on IMF deal, Ofori- Atta pledges speedy economic recovery

    Ghana returns to gold top spot as output jumps 32%

    Ghana Hotels Association to petition PURC over tariff increment

    CBOD laments adverse impact of gold for oil policy on bulk oil distributors

    Pensioner Bondholders justify decision to petition CHRAJ over interest

    We are poised to eradicate poverty through SEED initiative – SSNIT

    Govt aims to transform fishing industry with new aquaculture centre

    Maiden Ghana Automotive Summit set for June 27

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Telcos, BoG to collaborate to retrieve locked funds on MoMo accounts – Ursula

    Update your records or have your names expunged – ORC tells businesses

    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

  • TECHNOLOGY

    #CitiBusinessFestival: Go digital to increase customer reach – Businesses told

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Let’s remain optimistic – Otuo Siriboe to Ghanaians

    South Africa congratulates Ghana on IMF deal, Ofori- Atta pledges speedy economic recovery

    Ghana returns to gold top spot as output jumps 32%

    Ghana Hotels Association to petition PURC over tariff increment

    CBOD laments adverse impact of gold for oil policy on bulk oil distributors

    Pensioner Bondholders justify decision to petition CHRAJ over interest

    We are poised to eradicate poverty through SEED initiative – SSNIT

    Govt aims to transform fishing industry with new aquaculture centre

    Maiden Ghana Automotive Summit set for June 27

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Telcos, BoG to collaborate to retrieve locked funds on MoMo accounts – Ursula

    Update your records or have your names expunged – ORC tells businesses

    Ghana is the best destination for investment in West Africa – Bawumia

    African leaders urged to push for electronic cars over combustible automobiles 

    Modify old trade conventions to favor local printing firms – AGI tells govt

    Publish gold-for-oil policy document to improve transparency – Dr. Manteaw

    Re-consider computation of VAT for local industries- AGI tells govt

    IMF proposes acquisition, mergers of banks to mitigate financial sector instability

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

  • TECHNOLOGY

    #CitiBusinessFestival: Go digital to increase customer reach – Businesses told

    #CitiBusinessFestival: Trust ecosystem needed to minimize e-commerce fraud – Benedict Bentil

    Citi Business Festival: Forum on Digital Economy comes off today

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    WTO Chief urges African governments to increase trade, agric investment

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

PwC to determine fate of UT Bank shareholders – GSE Boss

bycitibusinessnews
August 15, 2017
in Banking And Finance, Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Shareholders of UT Bank may have to wait a little longer until their fate is determined by the relevant transaction partners in the takeover of UT and Capital bank by GCB Bank.

This is the indication from the Managing Director of the Ghana Stock Exchange (GSE), Mr. Kofi Yamoah.

According to him, the benefits or otherwise accruing to shareholders would be dependent on the available funds and direction from the receiving institution; Price WaterHouse Coopers (PwC).

ADVERTISEMENT

The comments by Mr. Yamoah however come despite the suspension of trading activities of UT Bank on the Ghana Stock Exchange on Monday, August 14, 2017.

“Shareholders issue is in the hands of the receiver and Price Waterhouse Coopers has been appointed as the receiver as far as this transaction is concerned and we will liaise with them and in due course so that we can provide information for shareholders as and when work progresses by PwC,” Mr. Yamoah stated.

The GSE boss however clarified that the takeover of the assets of UT Bank does not necessarily translate into a shareholders swap.

“This is not a transaction in shares so if you are a shareholder in UT, you do not necessarily translate into a shareholder of GCB. GCB has not bought the shares of UT Bank, they have taken over certain liabilities and assets of UT Bank. The two entities of shareholding are completely different.”

BoG not to compensate shareholders of Capital Bank

Meanwhile the Bank of Ghana has indicated that the shareholders of Capital Bank will not be compensated.

Discussions with the Ghana Stock Exchange in the coming days will determine the way forward for persons or organisations who bought shares of UT Bank on the stocks, according to the Head of Banking Supervision of the Bank of Ghana, Raymond Amanfu.

With respect to Capital Bank, Mr. Amanfu explained that its shareholders should have been more vigilant given they bore the brunt of the risk.

“Now you must protect your interest as a shareholder. They appointed the board. The boards are accountable them so if  the board is accountable to you and you are the shareholders, and quite a significant number who are shareholders are on the board, and you supervise the banks to get into this situation – you are the risk taker.”

In UT Bank’s case, it has institutional shareholders, some of which are on the Ghana Stock Exchange thus, further considerations will have to be made, Mr. Amanfu said.

“We think that there are issues of listed companies which are being discussed with the stock but the fact that we are listed does not mean that we should wait for you to prove how much of deposits money that is at stake compared to the huge deposits that have been taken.”

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Related Posts

Local Economy

Let’s remain optimistic – Otuo Siriboe to Ghanaians

bycitibusinessnews

Chairman of the Council of State, Nana Otuo Siriboe II has called upon Ghanaians to maintain a sense of optimism...

Read more

South Africa congratulates Ghana on IMF deal, Ofori- Atta pledges speedy economic recovery

Ghana returns to gold top spot as output jumps 32%

CBOD laments adverse impact of gold for oil policy on bulk oil distributors

Pensioner Bondholders justify decision to petition CHRAJ over interest

We are poised to eradicate poverty through SEED initiative – SSNIT

Govt aims to transform fishing industry with new aquaculture centre

Next Post

South Africa: BRICS New Development Bank confirms appointment of representatives

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2023 Citi Business News - CitiBusinessNews.com by CNR Digital.