Transition of UT & Capital into GCB to take 6 months

GCB Bank Ltd has announced that the transition of UT and Capital bank into GCB will take up to 6 months.

The bank which earlier announced that it had 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 says GCB  has  in  effect  assumed  the  53  branches  of  the  two  banks  thereby growing its network to 214 branches across the country.

GCB Bank Ltd., is the largest indigenous bank in the country with an asset base of GHS 6.3 billion.

According to GCB in a statement copied to Citi Business News, it will bring its  experience,  expertise  and  capacity  for  managing  a sustainable and profitable institution to the assumed businesses.

Meanwhile customers  of  UT  and  Capital Bank  have been ‘assured of  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.’

Also according to GCB, ‘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’.

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By:  Vivian Kai Lokko/citibusinessnews.com/Ghana