PRESS RELEASE

IFC increases its investment in UT Bank

30 March 2012, : The International Finance Corporation (IFC), a member of the World Bank Group today agreed to provide a US$5 million Senior and a US$10 million Trade Finance Guarantee Facility to UT Bank, ’s leading SME bank.

The Senior Loan and Trade Finance Facility are in addition to an IFC Advisory Services Program and a combined US$15 million equity investment in UT Bank agreed to by IFC and the Africa Capitalization Fund Ltd (AFC), which is managed by the IFC Asset Management Company, on March 30, 2012. In total, IFC have now agreed to invest up to US$30 million in UT Bank.

IFC’s 5-Year Senior Loan will help increase access to medium term capital for Small to Medium Enterprises (SMEs) in Ghana and help them capitalize on opportunities created by Ghana’s strong economic growth. The Trade Finance Guarantee Facility of up to US$10 million will provide UT Bank access to a global network of banks that will play a critical role in helping UT Bank finance cross border trade transactions of local companies, especially SMEs, thereby boosting trade in Ghana.

Thierry Tanoh, IFC VP for Latin America and the Caribbean, Sub-Saharan Africa, and Western Europe, said, "Access to finance for entrepreneurs and smaller businesses is critical to the long- term strength of economies across Africa. Strengthening this partnership in Ghana is another step toward ensuring smaller businesses can realize their growth plans, hire more people, and have a bigger impact on the economy."

“This transaction further consolidates our strategic partnership with IFC,” said Mr. Joseph Nsonamoah, the Chairman of the Board of Directors of UT Bank. “The new loan will reinforce the capital position of UT Bank and help us meet the high demand for medium tern funding from SMEs in Ghana”. Small and medium enterprises spur employment and are the key drivers of economic growth Ghana. UT Bank, which is Ghana’s leading SME bank, is committed to helping these businesses access finance, and our partnership with the IFC will aid in accomplishing that.”

The Trade Finance Facility provided by IFC, will increase cross border trade in Ghana," said Prince Kofi Amoabeng, CEO of the Bank. "Becoming party to the IFC Trade Facility ensures that UT Bank will continue to actively support local businesses to expand their import and export activities and to engage international partners in the development of Ghana”.

Under the terms of the equity investment signed on March 30th, 2012, the US$15 million investment by IFC and the Africa Capitalization Fund will result in combined shareholding of approximately 22% amounting to an entry price that was a 3% discount to the closing price of March 30th. Certain key provisions of the equity investment are subject to approvals from the Bank’s stockholders and to regulatory approvals from the Securities and Exchange Commission of Ghana, the and the .

Serengeti Capital and Betsa Bentsi-Enchill, Letsa & Ankomah were the Transaction and Legal Advisors to UT Bank for the Equity, Senior Loan and Trade Finance Transactions.

About UT Bank UT Bank Ghana Ltd 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. UT Bank has positioned itself as a lending bank that seeks to change the face of banking in Ghana through fast, efficient and respectful delivery of service, maintaining the core proposition of a loan in less than 48 hours. It is one of the fastest growing banks in Ghana providing innovative customer oriented products with focus on SMEs.

About IFC IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal year 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org

PRESS RELEASE

UT Bank receives capital injection from IFC to support small and medium businesses in Ghana

30 March 2012, Accra: UT Bank Limited Ghana today signed a US$15m joint equity investment with the International Finance Corporation (IFC), a member of the World Bank Group and the Africa Capitalization Fund Ltd, which is managed by the IFC Asset Management Company, Ltd. The investment will help expand UT Bank’s lending to small and medium businesses in Ghana. The investment is subject to regulatory approvals from the Securities and Exchange Commission of Ghana, the Bank of Ghana, and the Ghana Stck Exchange.

IFC will also extend an Advisory Services program to strengthen UT Bank’s risk management and corporate governance practices. The combination of additional capital from IFC and world- class expertise through the advisory services program will support UT Bank as it continues to implement its strategy of expanding its SME and consumer lending business.

“Small and medium businesses are powerful drivers of growth in African economies, but they often face challenges in getting appropriate finance”, said Mary-Jean Moyo, IFC Country Manager for Ghana. “IFC’s partnership with UT Bank will provide banking services to underserved entrepreneurs, helping build businesses and create jobs in Ghana.”

UT Bank is Ghana's leading SME and consumer lending Bank and was last year voted as the best Bank in Short term finance. UT, which is currently listed on the Ghana Stock Exchange, was founded in 1997 as a non-bank company by Ghanaian entrepreneurs Prince Kofi Amoabeng and Joseph Nsonamoah, and has grown rapidly to become one of Ghana’s most respected companies.

At the 2011 Annual General Meeting, shareholders of UT Bank passed a resolution enabling the Directors of the Bank to raise additional capital to meet Bank of Ghana’s new capitalization requirement of GH¢60m. As a result of IFC’s equity investment, the Bank will successfully attain the new capitalization requirement.

“IFC is the world's largest development institution focused on the private sector, and its investment constitutes a welcome affirmation of the commercial success of the "UT Way," as well as the positive social and developmental impact UT has made in Ghana”, said UT’s CEO, Mr. Amoabeng. The CEO added that IFC’s investment will help spur the development of Ghana's SME and mid-market companies and prepare the Bank for future growth opportunities in the economy”.

About UT Bank UT Bank Ghana Ltd 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. UT Bank has positioned itself as a lending bank that seeks to change the face of banking in Ghana through fast, efficient and respectful delivery of service, maintaining the core proposition of a loan in less than 48 hours. It is one of the fastest growing banks in Ghana providing innovative customer oriented products with focus on SMEs.

About IFC IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal year 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org

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