By Kofi AHOVI
UT Insurance, a subsidiary of UT Financial Services (UTFS), is expected to receive its license from the National Insurance Commission, the statutory regulator of the insurance industry before the end of this year.
According to Budu Koomson, Director of Operations of UTFS, the commission is certified with the proposal submitted by the company, but it is only waiting for the reconstitution of its board which was dissolved as a result of a directive from the government.
Koomson hinted that venturing into various aspects of business is in fulfilment of making UTFSL a one stop shop in the country.
UTFSL has posed a competitive challenge in whichever business discipline it ventures into. Recently it acquired majority shares in BPI bank and has transformed its financial outlook.
Currently, there are about 39 insurance companies in Ghana.
In a related development, UT Bank, formerly BPI, has posted marginal gains in June, this year as against its previous bad performance which warranted the takeover.
The bank hopes to stabilize its finances by the end of this year as against speculation that it can only do so in two years’ time.
UT Bank is also hopeful of meeting the Bank of Ghana new minimum capital requirement of GH¢25 million by December 2009 and GH¢60 million by 2012.
UT Insurance, a subsidiary of UT Financial Services (UTFS), is expected to receive its license from the National Insurance Commission, the statutory regulator of the insurance industry before the end of this year.
According to Budu Koomson, Director of Operations of UTFS, the commission is certified with the proposal submitted by the company, but it is only waiting for the reconstitution of its board which was dissolved as a result of a directive from the government.
Koomson hinted that venturing into various aspects of business is in fulfilment of making UTFSL a one stop shop in the country.
UTFSL has posed a competitive challenge in whichever business discipline it ventures into. Recently it acquired majority shares in BPI bank and has transformed its financial outlook.
Currently, there are about 39 insurance companies in Ghana.
In a related development, UT Bank, formerly BPI, has posted marginal gains in June, this year as against its previous bad performance which warranted the takeover.
The bank hopes to stabilize its finances by the end of this year as against speculation that it can only do so in two years’ time.
UT Bank is also hopeful of meeting the Bank of Ghana new minimum capital requirement of GH¢25 million by December 2009 and GH¢60 million by 2012.
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