Former Chief Executive Officer and founder of now defunct UT Bank, Kofi Amoabeng has said that the closure of his bank the UT Bank was politically motivated. Kofi Amoabeng’s UT Bank had its license revoked by the financial watch dog of all financial institutions in Ghana, the Bank of Ghana in what was termed as a banking sector clean up exercise in August 2017
Kofi Amoabeng revealed that he is still challenging the revoking of the license of UT Bank in court and in parliament and revealed that his Bank enjoyed some kind of support from the NDC hen they were in power but same cannot be said of the NPP who oversaw the closing down of his bank and many others
Mr Amoabeng, who said in an interview on Wednesday, 8 December 2021 that: “I don’t belong to any party”, pointed out that “the interesting thing is that depending on who is speaking, they push you to the other side”.
“Throughout the whole UT thing, depending on who is in power, I am [seen as being] on the other side,” he said.
Kofi Amoabeng was honest enough to reveal that at the time of the closure of UT Bank, the Bnak was not doing well but was not pleased with the action of the Government either, “the way the government acted, some banks were helped, some banks were closed; that is what irritates me”.
“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 …”
“You can bail it out and that is common”, he said.
“Initially, that was what was happening but that was the NDC time”, he pointed out.
“For me, not because of my personal interest but I think for the country, we should have bailed it out,” he told Accra-based Citi TV.