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.