GCB Bank lost GHÈ¼1bn in 4 months after absorbing UT, Capital banks
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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 BANK TAKES OVER UT BANK AND CAPITAL BANK FREQUENTLY ASKED QUESTIONS Q. Why has the Bank of Ghana decided to revoke the licenses of UT Bank and Capital Bank? A. UT Bank and Capital Bank were deeply insolvent, meaning that their liabilities exceeded their assets, putting them in a position not to be able to meet their obligations as and when
In August 2017, the Bank of Ghana, the nation’s central bank, announced that it had approved a Purchase and Assumption transaction with ghana commercial bank limited (gcb Bank Limited) that transferred all deposits and selected assets of UT Bank and Capital Bank (Ghana) to GCB Bank Ltd.
GCB takeover as BoG withdraws licenses of UT, Capital Bank. In the law, Sections 104-107 discusses prompt corrective actions for banks with various degrees of capitalization requiring the regulator to step in after 90 days or 100 days, if the bank in question fails to recapitalise or submit to the Bank of Ghana, a capital restoration plan. Also,
In 2018, it separated cash from electronic deposits in banks without reserves to back them. once again slashing the value of savings. The decision came after the southern African nation faced.
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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.
GCB Bank has successfully completed the full integration of the erstwhile UT and Capital banks to offer customers a wide network of some 183 branches across the country. gcb bank completes Integration of Ex UT & Capital Banks – GCB Bank