PwC announces ‘Expression of Interest’ of loan portfolio of UT, Capital banks

The Joint receivers of collapsed UT Bank and Capital Bank, PricewaterhouseCoopers (PwC) has announced an expression of interest of the loan portfolio of the two banks.

A notice on Monday, January 8, 2018 stated that PwC has therefore appointed Messrs. Vish Ashiagbor and Eric Nana Nipa, both directors of PwC as joint receivers for the purposes of winding down the affairs of the banks.

It added that the Joint receivers are in the process of realizing the assets of the banks, hence has invited interested institutions to submit an “Expression of Interest” in the loan portfolios of the two banks.

It will be recalled that the Bank of Ghana last year revoked the licences of UT Bank and Capital Bank due to severe impairment of their capital.

The BoG then transferred all deposits and selected assets of UT Bank and Capital Bank to GCB Bank Ltd.

Last year, PwC disengaged the services of all 1356 staff of the defunct UT Bank and Capital Bank.

The total number which included staff on contract was made up of 689 from Capital Bank and 667 from UT Bank.

This paved the way for GCB Bank to re-negotiate their terms of engagement.