The CEO of UT bank Mr. Prince Kofi Amoabeng will part ways with the bank by the end of 2015.

An internal memo cited by Citi Business News to staff of the bank said the CEO will formally announce his retirement from the bank at a press conference today 10 November, 2015.

The bank’s former deputy MD Pearl Esua Mensah had initially been penciled to take over that position.

But she resigned from that position this year.

New CEO

A new CEO is however expected to be announced by the bank at this morning’s press conference.

However Citi Business News has gathered the bank’s Chief Operating Officer  Mr. Antwi-Asimeng has been chosen to take over that position.

Mr. Prince Kofi Amoabeng who is also the co-founder of the UT Group of companies and an  investment consultant and a retired military officer (Captain) in the middle of this year announced that the bank would overcome its challenging times.

Bank’s performance

The bank’s recent performance has been described as poor by industry players.

Its share price dropped from ¢0.45 at the beginning of last year to GH¢0.25 to close of the year. Interest expense on the other hand increased by 33% to GH₵154million and eroded much of the bank’s revenue earned.

Profile of Mr. Prince Kofi Amoabeng

According to Mr. Amoabeng ;the woes or bad performance of UT did not start in the first quarter of this year. The past two years were not good. We hit rock-bottom first quarter of 2015, but as we speak the worst is over and we are in a positive mood again,” Mr. Amoabeng said.

Mr. Amoabeng graduated from the University of Ghana with a B.Sc Administration, (Accounting) and is a Fellow of the Chartered Institute of Management Accountants (CIMA-UK) and a member of Chartered Accountants CA (GH).

He has extensive experience in managing businesses through excellent customer relations, strategic and tactical business planning as well as strategic partnerships including 12 years lecturing at the Ghana Stock Exchange. His achievements include three times running “Ghana’s Most Respected CEO (2008, 2010 and 2012) organized by Pricewaterhousecoopers and B&FT.

He is Ghana’s Johnny Walker Giant; Overall Best Entrepreneur in the Maiden Ghana Entrepreneurs Award (2011); No. 3 in the 100 most influential Ghanaians as compiled by ETV, Ghana (2012) as well as the joint finalist with his partner in the Ernst & Young West Africa Entrepreneur of the Year Award (2011).

Others are: National Honours for an Order of the Star of the Volta- Officer’s Division presented by the President of Ghana in 2008 and one of two Ghanaians profiled in Moky Makura’s book on Africa’s greatest entrepreneurs which profiles 16 of Africa’s top entrepreneurs and Marketing Man of the Year 2006.

Mr. Amoabeng is a member of the Board of Directors of the Ghana Interbank Payment Settlement System (GHIPSS), Chairman of the Council of Enablis Ghana (Canadian Entrepreneurial NGO) and member of the International Advisory Board of China Europe International Business School (CEIBS), in Ghana.