October 24, 2013,
Amethis Finance announces its first debt transaction with UT Bank in Ghana. Amethis has provided USD10m in form of a tier 2 subordinated loan to support the bank’s growth and SME lending activities.
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.
Amethis USD10m loan will support UT Bank’s developmental plans and growth in SME lending. 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. .
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.
Amethis Finance is an investment vehicle dedicated to Africa, with a total investment capacity of USD 350m since its first closing done in December 2012. Amethis Finance has been created by a team of experienced investors and bankers, led by Luc Rigouzzo and Laurent Demey, and by La Compagnie Benjamin de Rothschild. They have been joined by a large group of private investors combining financial institutions and family offices. Amethis Finance is a “one stop shop” which provides all long-term financial instruments (long-term debt, equity investment and arrangement capacity), with high objectives in terms of development, social and environmental criteria as well as governance.
“The UTBank 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” declares Laurent Demey, Managing Partner at Amethis Finance.
“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, Invesment Director.
Commenting on the transaction, CEO, Prince Kofi Amoabeng stated: “We are delighted to have Amethis Finance join our list of international partners, and look forward to a long lasting relationship with them. Amethis and UT Bank are much alike in terms of our focus on growing and developing SME companies in Africa, more specifically Ghana.”
“Amethis brings its vast experience as well as exposure to its connections across Africa and the Mediterranean. Further, the funds will enable UT Bank extend longer term loans to our clients, and by so doing immensely support their growth”. Pearl Esua-Mensah, Deputy Managing Director, added.