The Bank of Ghana has approved a Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.
According to the Bank of Ghana, the action has become necessary due to severe impairment of their capital. AÂ statement from the Central bank said: "The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC)."
The statement continued that the main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1pm today (Monday) for normal business transactions and a remedy to the possible departure of affected banks clients.
{loadmodule mod_banners,nativeads}
All customers of UT Bank and Capital Bank are now customers of GCB bank. All customers will continue to have access to their funds. UT Bank and Capital Bank branches and ATMs will continue to operate as normal as GCB bank branches and ATMs. All staff in the interim will become staff of GCB bank and GCB Bank will negotiate the terms of their contract.
The Central Bank noted that revoking the license of the two commercial banks is to strengthen Ghana’s banking sector, ensure financial stability and protect depositors’ funds.
Â
primenewsghana.com/Ghana News