Ghana Commercial Bank takes over UT and Capital Banks
| Updated Aug 14, 2017 at 12:00pm
Ghana Commercial Bank rebrands UT head office
The GCB Bank has acquired UT Bank and Capital Bank following the distress of the two banks, the Bank of Ghana (BoG) has said.
The development is in line Section 123 of the new Banking Act, which states that when a bank is in distress, the Bank of Ghana revokes their license, appoints a receiver and then look for a buyer.
Following the announcement Monday morning, branches of the two banks have been sealed off in line with regulatory requirement.
They will be reopened at 1pm Monday but as GCB Bank.
In a question and answer statement, BoG said customers of the two banks should remain calm as the process takes shapes.
It is the first of its kind in the banking sector after the passage of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) was passed last year to help safeguard customer deposits from distress lenders.