UT Financial Services shares will now trade under 'UT Bank'

This follows the listing of 91 million shares issued to acquire UT Bank and the consequent change of name in the Ghana Stock Exchange in Accra on Wednesday.

The move, also concludes the technical merger between UT Financial Services Limited and UT Bank into one entity under the new name, UT Bank.

The listing of 91,304,348 additional shares on the exchange brings the post acquisition issued and listed shares to 302,036,848. The symbol of UT Bank will be UTB.

Therefore, on the exchange's official list, UT Financial Services Ltd will be taken off and replaced with UT Bank Ltd (UTB). Shareholders of UTF, now UTB, who already have their shares in the GSE Depository will have the name of their holdings automatically changed to UT Bank Ltd.

Shareholders of UTF passed a resolution to acquire UT Bank, merge operations of the two institutions and operate as a universal bank.

Mr. Prince Kofi Amoabeng, Chief Executive Officer of Bank, said the merger would strengthen the company to change the face of banking through fast, efficient and respectful delivery of services, maintaining the core proposition of "a loan in less than 48 hours."

The merger of the two entities, he said was expected to increase the branch network of the new entity 27 branches in seven regions in Ghana.

“All requisite approvals from regulators namely the Bank of Ghana, Ghana Stock Exchange and the Securities and Exchange Commission have been dully obtained to complete this landmark transaction," he said.

In 2008, the owners of UT Financial Services through their holding company, UT Holdings acquired a majority shares in BPI and took over the operations of the bank under a new management and the new name UT Bank.