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1000 Workers Of UT, Capital Banks Laid Off

13 September 2017 | Business & Finance

The management of GCB is terminating the appointment of about 1000 workers of the now defunct UT and Capital banks.

According to the management of GCB, claim of the workers, with regards to their salary arrears, wages, leave, severance pay and other entitlement will be dealt with in accordance with the provisions of the Labour Act, 2003 (Act 651) and the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930).

The Bank of Ghana on August 14, revoked the License of UT Bank and Capital Bank.

A statement from the Central bank said: “The Bank of Ghana has approved a purchase and assumption transaction with GCB Bank Limited that transfers of all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.

“The Bank of Ghana has revoked the licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impalement of their capital.

"The remaining assets and liabilities will be realized and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers.”

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Business & Finance

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