GCB assures customers of insolvent UT, Capital Banks

The Management of GCB Bank Ltd has assured customers of insolvent UT Bank and Capital Bank of unrestricted access to their funds following GCB Bank’s takeover of the two banks.

The bank has also assured customers of seamless transactions through their known channels and staff of the assumed banks, working GCB Bank staff.

A statement released on Monday also noted that Corporate and SME customers will continue to work with their Relationship Managers in collaboration with GCB to facilitate a smooth transition and business continuity.

The Bank of Ghana Monday morning announced the acquisition of UT Bank and Capital Bank by GCB Bank due to the two’s severe impairment of their capital

Below is the full statement by GCB Bank Ltd.

GCB BANK LTD. TAKES OVER UT AND CAPITAL BANKS

GCB Bank Ltd., the largest indigenous bank in the country with an asset base of GHS 6.3 billion has assumed the businesses of UT Bank Ltd. and Capital Bank in a purchase and assumption transaction by the Bank of Ghana, effective Monday, August 14, 2017. 

GCB  has  in  effect  assumed  the  53  branches  of  the  two  banks  thereby growing its network to 214 branches across the country. GCB brings its  experience,  expertise  and  capacity  for  managing  a sustainable and profitable institution to the assumed businesses. 

Customers  of  UT  and  CAPITAL  Bank  are  assured  unfettered  access  to their funds through their known channels and staff of the assumed banks, working with GCB staff to ensure seamless transactions.  

Corporate  and  SME  customers  will  continue  to  work  with  their Relationship Managers in collaboration with GCB to facilitate a smooth transition and business continuity. 

The existing channels of service will remain functional while they are rebranded to reflect the change in ownership.

During the transition period of up to six months, this arrangement will prevail while  procedures  and  processes  are  consolidated  and  the branches assessed and streamlined.

Suppliers  of  the  two  institutions  will  need  to  register  with  the  Bank’s Support Services Division for integration onto the GCB platform.

Today, all our newly acquired branches of UT and CAPITAL Bank will be  opened  from  13:00  for  business  and  services  to  our  new  and cherished customers.