The Bank of Ghana (BoG) has revoked the license of UT bank and Capital bank.
The action has been triggered by the inability of the two banks to turn around their negative capital adequacy position which has lingered on for some time now
‘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 a statement from the central bank
This development is part of moves by government through the Bank of Ghana (BoG) to restructure the banking industry.
According to sources the remaining assets and liabilities of the two banks will be realized and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).
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 for normal business transactions.