UT Life not affected by UT Bank takeover

The Management of UT Life Insurance Company Limited says the recent announcement by Bank of Ghana on the takeover of UT Bank by GCB Bank Limited does not in any way affect UT Life.

The Bank of Ghana on Monday announced the liquidation of UT Bank, a subsidiary of UT Holdings and Capital Bank following their inability to pay their obligations and subsequently appointed GCB Bank to takeover operations of the two.

But management of UT Life in a statement Tuesday have assured customers that the takeover does not affect their policies and relationships.
Read the full statement below:




CUSTOMER NOTICE
Management of UT Life Insurance Company Limited wishes to assure all its cherished customers that the recent announcement by Bank of Ghana on the takeover of UT Bank by GCB Bank Limited does not in any way affect UT Life.

Customers’ policies and relationships with UT Life remain unchanged.

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%.

UT Life is strongly capitalized at GH¢36 million which is over the minimum regulatory requirement of GH¢15 million.

Our capital adequacy ratio is over 300% as of June 2017 and reflects our financial
stability, strength and liquidity.

Our offices remain open for business and you can contact us for further information on
020 202 1005.

Signed:
By Management

Source:Myjoyonline