GCB Bank lost GHȼ1bn in 4 months after absorbing UT, Capital banks

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.

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business at all UT Bank and capital bank facilities which are now branches of GCB bank. The approval by the Bank of Ghana of this transaction is to strengthen Ghana’s banking sector, ensure financial stability and protect depositors’ funds. The Bank of Ghana reassures customers of UT Bank and Capital Bank that their money is safe and they can

The GCB Bank lost almost half of the deposits it inherited from the UT Bank and the Capital Bank to panic withdrawals, four months after absorbing all the liabilities and selected assets of the.

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In August the licenses of the UT and Capital Banks were revoked by the Bank of Ghana, with both banks being subsequently taken over by the GCB Bank due to severe impairment of their capitals. A statement from the Central Bank said the takeover had become necessary because the aforementioned banks could no longer be trusted to take charge of monies from the public.

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GCB – your bank for life. We offer accessible financial support wherever it’s needed through helpful service and expert solutions, to encourage business and enrich people’s lives. Move On UT/Capital Banks Strategic – GCB Bank MD – GCB Bank

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Announcing the take over of UT and Capital Banks on August 14th 2017, KubiLive.com after intensive research has the reason why GCB took over UT and Capital Banks. According to GCB, UT Bank and Capital Bank were deeply insolvent, meaning that their liabilities exceeded their assets, putting them in a position not to be able [.]

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