Union Trust Bank
Encyclopedia
Union Trust Bank whose full name is Union Trust Bank Limited, is a commercial bank
in Sierra Leone
. It is one of the seventeen (17) commercial banks licensed by the Bank of Sierra Leone
, the banking regulator in that country.
. , the bank's total assets were valued at approximately US$29 million (SLL:125 billion), with an estimated shareholders' equity of approximately US$7.59 million (SLL:33 billion).
an individuals and corporations and was registered as a limited liability company. It began offering banking services following the issuance of a commercial banking license by the Bank of Sierra Leone. The initial capital investment of US$345,000 (SLL:1.5 billion), was increased to US$690,000 (SLL:3 billion) in 2004.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Sierra Leone
Sierra Leone
Sierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
. It is one of the seventeen (17) commercial banks licensed by the Bank of Sierra Leone
Bank of Sierra Leone
The Bank of Sierra Leone is the central bank of Sierra Leone. It issues the country's currency, known as the Leone. The bank formulates and implements monetary policy, including foreign exchange....
, the banking regulator in that country.
Overview
The bank is a small financial services provider in Sierra LeoneSierra Leone
Sierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
. , the bank's total assets were valued at approximately US$29 million (SLL:125 billion), with an estimated shareholders' equity of approximately US$7.59 million (SLL:33 billion).
History
UTB was founded in 1995 by Sierra LeoneSierra Leone
Sierra Leone , officially the Republic of Sierra Leone, is a country in West Africa. It is bordered by Guinea to the north and east, Liberia to the southeast, and the Atlantic Ocean to the west and southwest. Sierra Leone covers a total area of and has an estimated population between 5.4 and 6.4...
an individuals and corporations and was registered as a limited liability company. It began offering banking services following the issuance of a commercial banking license by the Bank of Sierra Leone. The initial capital investment of US$345,000 (SLL:1.5 billion), was increased to US$690,000 (SLL:3 billion) in 2004.
Ownership
Union Trust Bank is a privately owned company. The exact shareholding in the stock of the bank is not publicly known at this time.Branch Network
, UTB maintains branches at the following locations:- Main Branch - Lightfoot-Boston Street, FreetownFreetownFreetown is the capital and largest city of Sierra Leone, a country in West Africa. It is a major port city on the Atlantic Ocean located in the Western Area of the country, and had a city proper population of 772,873 at the 2004 census. The city is the economic, financial, and cultural center of...
- Njala University Branch - Njala UniversityNjala UniversityNjala University is a major Sierra Leonean university located in the country's second largest city of Bo and the town of Njala, Moyamba District, Sierra Leone...
, Mokonde Campus, Moyamba DistrictMoyamba DistrictMoyamba District is a district in the Southern Province of Sierra Leone with a population of 260,910 in the 2004 census. Its capital and largest city is Moyamba. The other major towns include Njala, Rotifunk and Shenge... - Kenema Branch - 19 Hangha Road, KenemaKenemaKenema is the third largest city in Sierra Leone and the largest city in the Eastern Province with a population of 128,402 in the 2004 census and a more recent estimate of 169,937...
, Eastern ProvinceEastern Province, Sierra LeoneEastern Province is one of the four provinces of Sierra Leone. It covers an area of 15,553 km² and has a population of 1,187,532... - Bo Branch - 7 Bojon Street, BoBo, Sierra LeoneBo is the second largest city in Sierra Leone and the largest city in the Southern Province. It lies about 164 miles south-east of Freetown and had a population 149,957 in the 2004 census, with a current estimate is 231,494 . The city serve as the capital and administrative center of Bo District...
, Southern ProvinceSouthern Province, Sierra LeoneThe Southern Province is one of three provinces of Sierra Leone. It covers an area of 19,694 km² and has a population of 1,377,067 . It consists of four districts . Its capital and administrative center is Bo, which is also the second largest and second most populated city in Sierra Leone... - Kono Branch - 5 Old Yengema Road, Koidu Town, Kono DistrictKono DistrictKono District is a district in the Eastern Province of Sierra Leone. Its capital and largest city is Koidu Town. The other major towns in the district include Yengema, Tombodu, Motema, Jaiama-Nimokoro and Sewafe. Kono District is the largest diamond producer in Sierra Leone.The population of Kono...
- Kambia Branch - Sierra Leone-Guinea Highway, KambiaKambia, Sierra LeoneKambia is the capital and largest town of Kambia District in the Northern Province of Sierra Leone. The city is a major trading town and lies about 80 miles north of Freetown, and not far from the border with Guinea. The town had a population of 11,842 in the 2004 census, with a 2010 estimate...
- Lumley Branch - Lumley Road, FreetownFreetownFreetown is the capital and largest city of Sierra Leone, a country in West Africa. It is a major port city on the Atlantic Ocean located in the Western Area of the country, and had a city proper population of 772,873 at the 2004 census. The city is the economic, financial, and cultural center of...
- Kissy Branch - 49 Baibureh Road, KissyKissy, Sierra LeoneKissy is a poor neighborhood on the eastern end of the Sierra Leonean capital of Freetown. It is also home to numerous health services, including a United Methodist Church Health and Maternity ward as well as a mental hospital. It is also home to over 500 Liberian refugees...
, FreetownFreetownFreetown is the capital and largest city of Sierra Leone, a country in West Africa. It is a major port city on the Atlantic Ocean located in the Western Area of the country, and had a city proper population of 772,873 at the 2004 census. The city is the economic, financial, and cultural center of... - Magburaka Branch - Kono Makeni Highway, MagburakaMagburakaMagburaka is the capital and largest city of Tonkolili District in the Northern Province of Sierra Leone. It is the second largest city in the Northern Province after Makeni and the 6th largest city in Sierra Leone with a population of 66,313 It is located at around , along the Rokel River...
- Liverpool Street Branch - Liverpool Street, FreetownFreetownFreetown is the capital and largest city of Sierra Leone, a country in West Africa. It is a major port city on the Atlantic Ocean located in the Western Area of the country, and had a city proper population of 772,873 at the 2004 census. The city is the economic, financial, and cultural center of...
- Brookfields Branch - Main Motor Road, FreetownFreetownFreetown is the capital and largest city of Sierra Leone, a country in West Africa. It is a major port city on the Atlantic Ocean located in the Western Area of the country, and had a city proper population of 772,873 at the 2004 census. The city is the economic, financial, and cultural center of...
- New England Ville Branch - Jomo Kenyatta Road, FreetownFreetownFreetown is the capital and largest city of Sierra Leone, a country in West Africa. It is a major port city on the Atlantic Ocean located in the Western Area of the country, and had a city proper population of 772,873 at the 2004 census. The city is the economic, financial, and cultural center of...
External links
- Website of Union Trust Bank
- Website of Bank of Sierra Leone
- Company Profile At Afdevinfo.com
- UTB Celebrates Doubling Its Profit In 2010
See also
- List of banks in Sierra Leone
- List of banks in Africa
- Economy of Sierra LeoneEconomy of Sierra LeoneThe economy of Sierra Leone is that of a least developed country with a GDP of approximately 1.9 billion USD in 2009. Since the end of the civil war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%. In 2008 it's GDP in PPP ranked between 147th and 153rd largest...
- Bank of Sierra LeoneBank of Sierra LeoneThe Bank of Sierra Leone is the central bank of Sierra Leone. It issues the country's currency, known as the Leone. The bank formulates and implements monetary policy, including foreign exchange....