BoG continues to review UT Bank’s records to ascertain its accurate asset position

The Bank of Ghana (BoG) has said the revised asset position of UT Bank as of 14 August 2017, was approximately GHS437.4m.

The central bank said it continues to review the Bank’s records to ascertain its accurate asset position.

“The assets and liabilities of UT Bank were approx. GHS1.3bn and GHS1.9bn respectively as at 14 August 2017. We conducted a preliminary asset quality assessment on take over and made adjustments in line with available information.

“The revised asset position of UT Bank as at 14 August 2017 was approximately GHS437.4m as shown in the table below. We continue to review the Bank’s records to ascertain its accurate asset position.

“The total assets of UT Bank were approx. GHS1.3bn as at 14 August 2017. However, from our initial assessment and Asset Quality Review we have adjusted the value of UT Bank’s Assets to GHS437.4m. This value includes asset balances purchased by GCB per the P&A Agreement. The basis for adjustments have been explained in the subsequent pages,” the BoG said.

UT Bank was one of the banks that collapsed during the Banking sector clean up exercise undertaken by the BoG and the Ministry of Finance.

By Laud Nartey|editors.3news.com|Ghana