The Chief Executive Officer of Union Trust Bank (UTB) James Sampha Koroma has said that the Bank continues to be sound and hugely attractive to multilateral institutional investors as in the course of 2012, no less than four multilateral institutional investors commenced and completed due diligence exercises for various investment options in the bank. Speaking at the Bank’s end of year cocktail at the Freetown Gulf Club the Bank’s CEO said “we received approval advice last Friday for a US$2.5 million facility under the African Development Bank’s African Guarantee Fund,” adding that this is“among the first such facilities to be approved under this new Pan Africaninvestment vehicle.”
It is a second and more comprehensive core investment facility under the World Bank Group, he explained. The CEO also said that the bank continues to grow organically after Kambia, where competitors still fear to enter, Union Trust Bank has gained the trail-blazer in extending universal banking services to Kabala, Koinadugu District, to empower the economy of that district and its people.
He said Union Trust Bank is the only indigenous private banking institution and remains the largest and most diversified institutional investor in the national economy. He further stated that Finance Salone Limited and its microfinance subsidiary, continues to effectively promote rural financial intermediation countrywide, thereby positively impacting the lives of some 20,000 clients among our economically under-served population.
“The bank’s Small and Medium Enterprises portfolio is also the largest and most diversified in the industry with added support and prospective portfolio guarantee of our strategic partners, as the bank remains strongly committed to consolidating its corporate mission of empowering Sierra Leonean commerce and improving lives, rather than simply growing balance-sheets and market share,” he maintained. He pointed out that “the qualitative developments, together with our continued strong financial performance in the year under review, have positioned us for a sounder portfolio and a more diversified asset base, including equity enhancement, and a wider operating space in the short to mediumterm.”
He assured that Union Trust Bank would continue to accord equal importance to its socioeconomic scorecard as it does to its financial balance sheet, which “we believe is the true measure of our corporate relevance as a national institution.”
He urged that “as we start this New Year, let us all strive to ensure that 2013 be the year when prosperity reaches most Sierra Leonean households, in every community, through Union Trust Bank.”
The Bank’s Chief Executive Officer expressed thanks and appreciation to all stakeholders for their collective support, assistance, patronage and, most importantly, the loyalty of UTB customers. “We at Union Trust Bank denied ourselves the hubris of pronouncements on our annual operational performance. This we did as a throwback from the then prevailing gloom in the global economy in general, and the depression in global banking in particular,” he stated.
He said by the second half of 2012,“global commercial banking endured unprecedented humiliation by the massive penal fines imposed on the world’s largest commercial banks for one regulatory or other misdemeanor.
Undoubtedly, he said these global developments humbledBankers even more; which is why for the time being Union Trust Bank will continue to refrain from statistical displays of annual financial performance.