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 copied to Citi News.
The GSE noted that the suspension had become necessary due to the revocation of UT Bank’s licence by the Bank the of Ghana.
The GSE also indicated that UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015.
UT Bank had its licence revoked alongside Capital Bank, which has also been taken over the GCB.
According to the Central Bank, it “revoked the licences of UT Bank Ltd and Capital Bank because of the “severe impairment of their capital.”
Find below the full statement
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.