I think that, the Bank is what people know because the bank is the one that started as a financial institution. UT Holdings is the mother company for the Bank and all other subsidiaries. It is the biggest and most diversified private company in Ghana. When it comes to the bank however, we don’t actually call UT Holdings the mother company, we describe it as ‘a son giving birth to the father’. Even though it is an umbrella company for the other subsidiaries, it came out of the Bank.
When we realized that our companies were growing, it became necessary to have one company that has oversight for all of them, to make sure that things are coordinated and the brand is well managed so that we don’t have things being done haphazardly. So that is how come UT HOLDINGS was established.
How long has UT Holdings been in existence? UT Holdings came into being on 19th October, 2006 so that would make it eight (8) years in October this year. Can you breakdown UT Holdings for us with regards to the various subsidiaries? We do not fix the bank under the holdings. It is a kind of an offshoot of the Holdings because definitely the Holdings has shares in the bank. At the moment the Holdings has about 40% shares in the bank. We started at 100% but it started dropping because we had others coming on board and now it is 60% so we don’t call it our child per say, we refer to the bank as an affiliate and the others as subsidiaries. The other subsidiaries under UT Holdings are UT LIFE INSURANCE, UT LOGISTICS, UT PROPERTIES, UT COLLECTIONS which is a debts collection company, UT PRIVATE SECURITY, and we also have two.
