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Some banks were helped but UT Bank was collapsed- Kofi Amoabeng alleges

The founder of the now defunct UT Bank has spoken about the circumstances that led to the collapse of his bank by the government.

Speaking on Citi TV’s “Point of View” on Wednesday, he noted that before 2016, UT Banking was having cash challenges and had to turn to the government of John Mahama for support.

However, when the New Patriotic Government assumed power in 2016, UT Bank was collapsed, a decision Mr Amoabeng says “irritates” him.

He alleged that some banks that were also in dire financial situation got financial support from the government of President Akufo-Addo while UT Bank was collapsed.

“The bank wasn’t doing that well at the time but the way the government acted, some banks were helped, some banks were closed. That is what irritates me,” he stated.

He further noted that UT Bank, which he said was a pioneering indigenous bank, could have been given more liquidity support to survive instead of collapsing it.

“At UT, we created a Ghanaian brand which was respected internationally so to come to power to kill a local brand which is admired and used internationally,” he said. “You can bail it out and that is common [practice].”

Mr Amoabeng said at its peak, the bank had employed over 2,500 workers.

Content created and supplied by: A-news (via Opera News )

Amoabeng Citi TV Kofi New Patriotic Government UT Bank

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