UT Bank has named Stephen Antwi-Asimeng as new Chief Executive Officer replacing Prince Kofi Amoabeng.
His appointment takes effect January 2016. Mr Amoabeng, meanwhile, remains President of UT Group of Companies, which he co-founded.Antwi-Asimeng’s ProfilePrior to his appointment as Chief Operating Officer at UT Bank, Mr. Antwi-Asimeng was the Chief Operating Officer at Universal Merchant Bank and is expected to drive the new strategic direction of being the preferred bank in the country. Mr. Antwi-Asimeng brings on board over 25 years of solid professional experience in Banking & Finance, Investment, Management and Leadership is directly responsible for Banking Operations, Banking Technology, Compliance, Service Quality and General Services.He has held several Senior and Executive Management positions including Board level appointments in the banking and financial services industry in Ghana. He started his banking career in 1991 with the National Investment Bank Limited, and then Ecobank Ghana Limited (from 1995 to 1998) where he initially worked as a Credit Officer, later joining the Bank's Capital Markets team as Senior Corporate Finance Officer. In 1998, Stephen joined the Fidelity Group (now Fidelity Bank). He held several positions in the group including starting the group's lending business and building its investment banking portfolio.During the years 2004 to 2013, he held the role of Managing Director of Fidelity Capital Partners Limited, a member of the Fidelity Group. During this period, Stephen led and built the Private Equity and Venture Capital Fund Management Team and portfolio of the Company from two professionals into a leading SME Private Equity business in West Africa and oversaw a ten-fold increase in assets under his management. The last position he held before joining UT Bank was as the Operating Officer at Universal Merchant Bank Limited where he played several key roles in the rebranding, turnaround and business growth of the bank.He has significant experience in Corporate Finance Advisory Services, Project Management, Loan Syndications, Credit Management, Corporate Restructuring and Operations. He has participated and led several multidisciplinary international teams to undertake due diligence reviews, privatisation assignments and mergers and acquisition transactions in Ghana and other African countries. He has extensive domain experience across several sectors including healthcare, pharmaceuticals, manufacturing and financial services. He has served as a non-executive director on several company boards in Ghana and the West African sub-region as well as being a three-term director of the reputable African Venture Capital Association. In 2013, Stephen was appointed by the United Nations Economic Commission for Africa to its Ad-hoc Committee of Experts in SME Finance in Africa.Stephen holds a Master of Arts degree in Banking and Finance from the University of Wales, UK and a Bachelor's degree in Economics from the University of Ghana, and received executive education from reputable institutions including the Amsterdam Institute of Finance and Harvard Business School.Mr. Amoabeng who started UT Bank with his partner Mr. Joseph Nsonamoah as a non-bank financial institution in 1997, has successfully transformed the small finance house into a universal bank focusing mainly on small and medium enterprises. His achievements over his 18 solid years of leading the bank include three times running “Ghana’s Most Respected CEO (2008, 2010 and 2012) organised by Pricewaterhousecoopers and B&FT.He is often referred to as Ghana’s Johnny Walker Giant and deservedly earned among others; 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).In response to challenges experienced over the last couple of years, the bank instituted a Turn-Around Plan that is already showing positive results.The Plan, led by Mr. Amoabeng, has seen the bank, over the last six months, hire new seasoned senior management staff, including Mr. Antwi-Asimeng, formerly Chief Operating Officer of Universal Merchant Bank. Mr. Antwi-Asimeng with over 25 years banking experience heads the new team as the Chief Operating Officer and looks poised to assume the leadership role. He is expected to drive the new strategic direction of making UT the preferred bank in the country. He brings on board solid professional experience in Banking & Finance, Investment, Management and Leadership and is directly responsible for Banking Operations, Banking Technology, Compliance, Service Quality and General Services. He has held several Senior and Executive Management positions including Board level appointments in the banking and financial services industry in Ghana.Despite posting losses in the first quarter of 2015, UT Bank’s interim financial results for the third quarter of this year, show a steady improvement since the beginning of the second quarter. This is a clear evidence of the impact of the plan yielding the intended objectives of returning the bank to profitability.Forever the optimist, Mr. Amoabeng expressed confidence in the future,” The team is focused on achieving the objectives of the Turnaround Plan…"The Turnaround Plan has several elements that include Loan Recovery, Deposit Mobilisation, improved Risk Management, additional capital injection and aggressive Cost Reduction.A new Loan Recovery Unit has been established with aggressive debt collection targets driven by a major internal effort to institutionalize a loan recovery culture within the bank. The Recovery unit can recommend the prosecution of recalcitrant borrowers where necessary but is also focused on working out credible repayment plans for borrowers in default.The Cost Reduction element of the Turnaround Plan involves new initiatives to enhance operational efficiencies, eliminate waste and bring costs down to acceptable industry standards.“Our overall goal is to apply the valuable lessons we have learned as an SME-focused bank to continue to serve our core market, the SME s and the individual customer. The bank will continue to develop and introduce new products and services for SMEs and position itself as the go-to SME retail bank” Amoabeng added.Mr. Amoabeng said he was confident that UT is well positioned now to grow from strength to strength.About UT Bank Ghana LimitedUT Bank Ghana Limited commenced business as a Finance house in 1997. It evolved from a lending company to a publicly owned Universal Bank, with shares listed and actively traded on the Ghana Stock Exchange. It was awarded Bank of the Year 2011 and the Most Respected Company in 2012.UT Bank has positioned itself as the leading bank in SME banking and it seeks to change the face of banking in Ghana through fast, efficient and respectful delivery of service. It is one of the fastest growing banks in Ghana, providing innovative customer-oriented products with focus on SMEs.
Source: UT Bank