Managing Director of UT bank resigns after bank's poor performance last year

The Deputy Managing Director of UT bank Mrs. Pearl Esua- Mensah has resigned.

A memo to workers of the bank stated that Mrs. Pearl Esua- Mensah’s resignation takes effect on the 25th of June,2015.

The bank is due to organize a send off party for her this Friday June 26th,2015.

Mrs. Pearl Esua -Mensah leaves the bank at a time the bank is struggling to stay afloat.

The bank’s recent performance has been described as poor by industry players.

Its share price dropped from ¢0.45 at the beginning of last year to GH¢0.25 to close of the year.

Interest expense on the other hand increased by 33% to GH₵154million and eroded much of the bank’s revenue earned.

Early last week Mrs. Pearl Esua- Mensah told a local fm station that tough economic conditions led to the bank’s poor performance.

“Of course we all know that the economy is not doing well and our customers are not the multinationals but they are the everyday business men and women and so when they are affected we are also affected and because of that our loans have suffered and that has a ripple effect on interest rates. We also are borrowing expensive money because generally the interest rates in the country are very high.”

Mrs. Pearl Esua -Mensah’s exit also comes at a time when the bank is looking for extra cash to streamline its capital base to support growth and operations.

The bank has begun moves to raise some 200,000 million cedis to boost its capital after it got approval from shareholders at its recent Annual General Meeting (AGM) to do so.

The bank is seeking to raise 100 million in equity and a 100 million in preference shares.

Pearl Esua Mensah joined UT Bank then UT Financial Services in 2004 as the Financial Controller rising to the position of General Manager and then to Director of Finance and Administration until December 2010.

She holds an MBA in International Business Strategy from the Manchester Business School, BSc. Administration degree from the University of Ghana Legon and is a Fellow of the Association of Chartered Certified Accountants (FCCA).