[ 2012-05-09 ]
Prince Kofi Amoabeng, Chief Executive Officer of UT Bank
No dividend for UT Bank shareholders
Shareholders of UT Bank will not enjoy dividend
this year. This is as a result of moves to plough
back some of last year's profit to recapitalize
This was announced to shareholders at the bank's
Annual General Meeting in Accra on Tuesday.
According to Chief Executive Officer of UT Bank,
Prince Kofi Amoabeng in an interview with Joy
Business disclosed that the decision was also
influenced by a directive from the Bank of Ghana.
"The regulator says we looked at your books and
you have not met the Ghc60 million capital
requirement, so what do you mean you are paying
dividend when you have not recapitalized, it does
not make sense to us..." Kofi Amoabeng added.
Meanwhile UT Bank has secured $10 million dollars
from Dutch investment firm DEG as part of it
recapitalization bid. This adds up to the $15
million from IFC, the private sector arm of the
UT Bank now expects to pay up state capital of
almost Ghc 80 million by June 2012.
Source - Joy Business
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