Securities and Exchange Commission de-lists UT bank

The Securities and Exchange Commission has announced, it has de-listed UT bank from the Ghana Stock Exchange.

The move is a corollary to the withdrawal of the bank’s license by the Bank of Ghana.

A statement from the commission also said the bank breached exchange rules after failing to publish its financial statement since 2015.

UT Bank Ghana Limited was listed on the exchange in 2010.

The Ghana Stock Exchange (GSE) said in the statement that it 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.

It further stated that 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 license 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.

It said 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.

The GSE added that, further information through Press Releases will be published as appropriate.