Customers of UT besiege branches of bank after announcement of GCB take over

| Updated Aug 14, 2017 at 3:19pm



Ghana Commercial Bank Limited has acquired the entire deposit and selected assets of UT Bank and Capital Bank Limited.

In effect, the Central Bank has revoked the licences of the two financial institutions.

According to a statement signed by the Director of Communications of the Bank of Ghana Bernard Otabil, the action has become necessary due to severe impairment of their capital.

The remaining assets and liabilities will be realised and settled through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of Pricewater House Coopers.

The statement further indicates that the main Offices and branches of UT Bank and Capital Bank will be under the control of GCB Bank.

The two banks open today at 1pm for normal business transactions.

Customers of UT Bank and Capital Bank are now customers of GCB Bank Limited.

Meanwhile, the Head of Finance Department, School of Business, University of Cape Coast, Dr. John Gatsi has blamed the Bank of Ghana for poorly communicating the takeover of UT and Capital Bank by GCB Bank.

Dr. Gatsi said the Central Bank should have better managed the communication to avoid the fear, panic and anxiety that greeted the announcement.

Dr. Gatsi was however of the view that the collapse of the two banks will not hurt the economy significantly.

He attributed the development to poor management of the banks.

On the ability of GCB Bank to absolve the liabilities of the two banks, Dr. Gatsi said the Bank of Ghana needs to be forthcoming with information as to how the banks were selected.

In a related development, the Bank of Ghana has assured customers of UT and Capital Bank that their monies are safe.