Bank of Ghana has revoked the operational licenses of UT Bank and Capital Bank “due to severe impairment of their capital,” BOG has said in a statement.
The revocation has led Ghana Commercial Bank (now GCB) to take over both banks.
The statement issued by Bank of Ghana read: “Bank of Ghana has revoked the Licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impairment of their capital. The remaining assets and liabilities will be realised 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. Customers of UT Bank and Capital Bank are now customers of GCB bank.
All deposit customers will continue to have access to their funds. UT Bank and Capital Bank branches and ATMs will continue to operate as normal as GCB bank branches and ATMs. All staff in the interim will become staff of GCB bank and GCB Bank will negotiate the terms of their contract.
GCB was selected amongst 3 others on the basis of purchase vice, cost of funding, branches to be retained, staff to be employed and impact on the acquiring bank’s capital adequacy ratio.”
Kofi Amoabeng until this served as the CEO of UT Bank and Dr Mensa Otabil was also the Chairman of Capital Bank.