I’ve Learnt Lessons from UT Bank Collapse – Amoabeng

President of UT Holdings, Prince Kofi Amoabeng, says he has learnt a lot of lessons from the collapse of UT Bank and would bounce back stronger.

Mr Amoabeng revealed that though the revoking of the bank’s license came as a shock to him and management of the bank, there still are lessons to be learned.

“I don’t feel too bad about it, I think it’s the state institutions that are working. There’s a bit about the process which I felt was not necessary. There’s been a lot of lessons learned and I hope to bounce back stronger,” the former UT Bank CEO said on the sidelines of the Margins Youth Empowerment Awards Ceremony in Accra.

The Central Bank, in August 2017, revoked the licenses of UT and Capital Bank to operate as commercial banks due to their excessive liabilities and failure to improve their balance sheet.

The Governor of the Bank of Ghana, Dr Ernest Addison, blamed the lack of good corporate governance for the collapse of UT and Capital Bank. According to Dr Addisson, the defunct UT Bank could have survived the collapse if management minimized risks and improved loan performance.

Reacting to the managerial takeover of UniBank, Kofi Amoabeng described the takeover as “worrying” saying the regulator could have explored other options.

“I think it’s a bit worrying with Unibank coming on the heels of UT and Capital Bank…I think it’s better sometimes to take positive action and air things out and solve it than keep things under the rug,” Mr Amoabeng said.

Margins Youth Empowerment Awards

The awards targets youth with ICT skills, business ideas as well as those who already own and run micro or small businesses in ICT.

CEO of Truckers Ghana Limited, Issah Abdullai Gombilla was adjudged the overall winner out of 10 finalists. He took home a cash prize of GH¢10,000

Source: Myjoyonline