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UT Bank of Ghana Gains Most in Two Weeks on Recapitalization

March 30 (Bloomberg) -- UT Bank Ltd., a lender in the West African nation, rose the most in two weeks as a $15 million equity injection by the International Finance Corp. was enough to meet a minimum capitalization requirement of the central bank.

The stock rose 1 pesewa, or 3.3 percent, to 31 pesewas as of the close in Accra, the capital, the biggest gain since March 16.

The Bank of Ghana’s policy requires lenders to increase stated capital to a minimum of 60 million cedis ($33.8 million) by the end of the year.

UT Bank’s now stands “slightly above 60 million cedis after it received the money from IFC yesterday,” Randy Mensah, a stock trader at Databank Financial Services Ltd. in Accra, said by phone today. “That was boosting some confidence in the shares on the market.”

The deal will enable the Accra-based bank to boost loans to small-and medium-sized businesses, according to a statement from the bank yesterday.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

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