Sierra Leone closes only privately owned indigenous bank

Sierra Leone's central bank has shut down Union Trust Bank, the country's only privately owned indigenous bank, due to insolvency and failure to meet statutory requirements.

Sierra ​Leone's central bank on Wednesday ​shut down Union ‌Trust Bank, ​the West African country's only privately owned indigenous bank, declaring it insolvent after years ‌of failed recovery efforts.

It determined that UTB no longer met the statutory requirements to operate as a licensed commercial bank ‌after extensive supervisory measures over the past five years, Bank ‌of Sierra Leone Governor Ibrahim Stevens told reporters.