The Sierra Leonean owned Union Trust Bank on Tuesday became the first private sector institution to celebrate new investment as the investment forum ended. This was announced jointly during the forum by UTB CEO James Sampha Koroma and Soros Economic Fund Vice President Stewart Parpin.

Union Trust Bank was the single highest beneficiary of the two-day trade and investment forum, by signing a $5 million business deal.The forum was held this year in London on 18th – 19th November. 
Parpin explained further that they are creating credit line to make sure that the bank has adequate funds to expand their small business lending.

Chief Executive Officer explained  that the $5million “involves $2.5million in equity and $2.5million in credit facility for Small and Medium Enterprises (SMEs).” Also he said “for SMEs we had to put together an SME pilot program for the last 6 months in which we spent our own money about 2 billion Leones and they’ve seen how it has gone and they are satisfied that this is a viable proposition and that is why they have put in 2.5 million dollars into it.”

Mr. James Sampha Koroma further disclosed that UTB “are the largest providers of financial services in Sierra Leone (clarifying that they – UTB) are not the largest bank but we provide the largest financial services.” He explained that their “services cover universal banking, SMEs, micro finance, money transfer … so no other institution carries all of these and we are almost everywhere in Sierra Leone.” That is why he maintained the Soros group “saw it fit to invest in us because of that particular aspect of our operations.” He pointed out that the Soros group “see us (UTB) as a premier institution that has a niche and that has a mission that is consistent with their own philosophy. He noted that “the Soros fund is what we call a double bottom line. They do not only invest for profit but they also have a social philosophy that their investment must affect as many in the society as possible so they see us in that and that is why they are with us.”