Business and Finance
Amethis Finance has invested $10million into Ghana’s UT Bank
Amethis Finance has invested $10million into Ghana’s UT Bank, the investor’s first debt deal from its maiden fund.
The deal has been structured as a Tier II subordinated loan. UT Bank will use the financing to grow its client-base amoung Ghana’s small-cap companies, and also improve technology – to attract new clients.
The bank received funding from a number of development finance institutions in 2012, including the International Finance Corporation and Germany’s DEG.
“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,” said Laurent Demey managing partner at Amethis Finance.
Laureen Kouassi-Olsson, investment director at Amethis, also worked on the deal.
Headquartered in Accra, UT Bank is listed on the Ghana Stock Exchange. The company was created in 1997 as UT Financial Services, and grew its national footprint through the acquisition of BPI Bank in 2010. UT Bank generates annual revenues of over $65million, employing over 600 people across 26 branches.