|UT Bank Ltd and Amethis Finance, a Paris based Private Equity Firm, on Thursday announced a USD 10m subordinated loan agreement, subject to approval from the Bank of Ghana.|
The funds will support UT Bank's capital base allowing it to efficiently grow its lending to the SME sector. UT Bank’s strategy is to strengthen its positioning in the SME market in Ghana and develop its retail footprint with branch expansions and the use of technology to attract cheap deposits.
Commenting on the transaction, Mr. Prince Kofi Amoabeng, Chief Executive Officer of UT Bank expressed his delight in having Amethis Finance join UT Bank’s list of international partners. He further noted that Amethis brings to the table its vast experience, as well as exposure to its connections across Africa and the Mediterranean.
“This additional capital injection is timely and will enable the bank to reach out to more SME customers as well as extend the tenures of our loans. This will allow us to have a more sustainable impact on the middle level business who form the bulk of our client base”, Pearl Esua-Mensah, Deputy Managing Director, added
Mr, Laurent Demey, Managing Partner of Amethis Finance said the transaction fits perfectly with Amethis strategy to support mid-size fast growing local banks, targeting institutionalization and market expansion with a strong retail and SME footprint.
“We have been impressed by the sound performances posted by the Bank as well as by its innovative approach towards SME lending” added Laureen Kouassi-Olsson, Investment Director of Amethis.
About UT Bank
UT Bank commenced business as a Finance house in 1997under the name UT Financial Services before evolving into a universal bank in June 2010 by acquiring BPI Bank. UT Financial Services, a listed company on the Ghana Stock Exchange, rebranded as UT Bank in 2010.
With an annual turnover in excess of USD65m, over 600 staff and 26 branches nationwide, UT Bank is one of the fastest growing indigenous banks in Ghana with a strong SME positioning. The Bank has positioned itself as a lending bank that seeks to redefine banking in Ghana through fast, efficient and respectful delivery of service.
The bank is listed and owned by local institutions and individuals, together with leading Development Finance institutions, IFC and the German DEG having become shareholders in 2012.
About Amethis Finance
Founded in 2012, Amethis Finance is an investment company dedicated to Africa, with a total investment capacity at inception of USD 300m. Amethis Finance was created by a team of experienced investors and bankers led by Luc Rigouzzo and Laurent Demey, as well as La Compagnie Benjamin de Rothschild, from the Edmond de Rothschild Group.
Amethis Finance is a “one stop shop” finance company which provides long-term financial instruments while maintaining a focus on development, social and environmental management, as well as governance.
For more info about UT Bank Ltd visit:: http://utbankghana.com/