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Management of UT Life Insurance has assured its customers that the takeover of UT Bank by the GCB bank does not affect them in any way.

The company in a statement on Monday said “UT Life is and has always been a completely separate entity from UT Bank, and therefore UT bank has no ownership in UT Life.”

“UT Life was acquired by Leapfrog Investments from UT Holdings in December 2015 with a majority shareholding of above 80%.”

The statement further said UT Life is strongly capitalized with about GHc36 million which is above the minimum regulatory requirement of GHc15 million adding that “our capital adequacy ratio is over 300% as of June 2017, and reflects our financial stability, strength and liquidity.” 

UT, Capital banks taken over by GCB

UT Life Insurance issued the statement following acquisition of UT Bank and Capital Bank by public owned GCB bank.

A statement from the Bank of Ghana said it has “approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd’.

BoG also revoked the licenses of the two banks saying “this action has become necessary due to severe impairment of their capital.”

The Ghana Stock Exchange (GSE) also suspended the listing status of UT Bank.