Question 1

What is Union Trust Bank?

Accepted Answer

Union Trust Bank Limited (UTB) is a commercial bank in Sierra Leone, licensed by the Bank of Sierra Leone as the country's only privately owned indigenous commercial bank. The bank serves retail customers, small and medium-sized enterprises, and corporate clients throughout Sierra Leone.

As of December 2015, Union Trust Bank's total assets were valued at approximately SLL 361.82 billion (US$48.6 million), with shareholders' equity of approximately SLL 58.16 billion (US$7.8 million). In December 2025, the Bank of Sierra Leone approved Rokel Commercial Bank's acquisition of Union Trust Bank, with the transition currently underway.

Question 2

When was Union Trust Bank founded?

Accepted Answer

Union Trust Bank was incorporated on April 26, 1995, as a private limited liability company under the Companies Act of Sierra Leone. The bank was founded by indigenous Sierra Leonean individuals and corporate entities representing a cross-section of principal actors in the national economy.

UTB received its commercial banking license from the Bank of Sierra Leone and began offering banking services in 1995. The bank's founding represented a significant milestone as the first major private financial institution to be conceived, promoted, owned, and managed by indigenous Sierra Leoneans.

Question 3

Where is Union Trust Bank headquartered?

Accepted Answer

Union Trust Bank is headquartered at 2 Howe Street, Freetown, Sierra Leone. On March 17, 2017, the bank celebrated the opening of its purpose-built headquarters building in Freetown, with the ceremony performed by Ernest Bai Koroma, then President of Sierra Leone.

The headquarters building represents a significant investment in the bank's infrastructure and commitment to Sierra Leone's financial sector development.

Question 4

Where does Union Trust Bank operate?

Accepted Answer

Union Trust Bank maintains a wide branch network across Sierra Leone, with operational presence in 12 out of 16 districts. The bank's branches include locations in Freetown (Main Branch, Lumley, Kissy, Brookfields, New England Ville, and Liverpool Street), as well as regional branches in Kenema, Bo, Koidu (Kono), Kambia, Magburaka, Lunsar, and Mile 91 (Yoni).

UTB also operates a branch at Njala University's Mokonde Campus in Moyamba District. This extensive network, combined with mobile banking penetration into remote communities, gives Union Trust Bank the second-largest national outreach in Sierra Leone's banking sector.

Question 5

What services does Union Trust Bank offer?

Accepted Answer

Union Trust Bank offers comprehensive banking services tailored to Sierra Leone's market needs. Retail products include savings accounts, checking accounts, deposit accounts, and various loan products including personal loans, mortgages, and consumer finance.

For businesses, UTB provides business accounts, SME loans, commercial lending, trade finance, and working capital solutions. The bank has distinguished itself as Sierra Leone's largest SME lender in agriculture, agribusiness, manufacturing, trade, services sectors, and energy.

UTB offers international money transfer services through partnerships with Western Union and other credible international and local funds transfer agencies. The bank provides mobile banking services, online banking platforms, and is developing agency arrangements for expanded digital financial services, including Orange Money integration.

Question 6

What makes Union Trust Bank unique?

Accepted Answer

Union Trust Bank holds a unique position as the only privately owned indigenous commercial bank in Sierra Leone, distinguishing it from foreign-owned banks and state-owned institutions. The bank's commitment to national development is evidenced by its role in implementing government initiatives, including securing US$3 million from the Kuwait Fund for Arab Economic Development in 2011 for food security programs.

UTB partnered with the World Food Programme to implement contract-farming financing models supporting the national school feeding program. The bank also administered Islamic Development Bank funds through the National Commission for Social Action for MSME financing programs promoting youth enterprise development from 2013 to 2017.

Union Trust Bank played a major role in formulating Sierra Leone's national SME Development Policy and Strategy in 2016, leading to the creation of the SME Development Agency (SMEDA). The bank demonstrated remarkable resilience during the Ebola crisis, continuing to serve customers under challenging conditions.

Question 7

What type of financial institution is Union Trust Bank?

Accepted Answer

Union Trust Bank Limited is a commercial bank licensed by the Bank of Sierra Leone under the Banking Act 2000. As a commercial bank, UTB is authorized to accept deposits from the public and provide lending and other banking services to individuals and businesses.

The bank participates in Sierra Leone's deposit insurance scheme, protecting depositor funds according to national banking regulations. Union Trust Bank operates as a private limited liability company under Sierra Leone's Companies Act and adheres to all regulatory requirements established by the Bank of Sierra Leone.

Union Trust Bank

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About Union Trust Bank in Sierra Leone