The Bank of Ghana (BoG) has assured customers of now defunct UT and Capital banks not to panic as their deposits are safe following the takeover of the two financial institutions by GCB Bank Limited.
GCB Bank Limited on Monday, 14 August 2017 took over transfers of all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd as the two banks were struggling to operate financially.
Following the announcement of the takeover, some customers of the UT and Capital banks thronged to their various branches to withdraw their savings out of fear of losing them.
However, addressing a press conference in Accra, Governor of the BoG, Dr Ernest Addison, guaranteed that customers’ savings were safe.
“The Purchase and Assumption transaction has distinct benefits as customers will suffer no loss. The acquiring bank can increase its market share, and productive financial assets are maintained,” he stated.
Dr Addison stressed: “The first point of emphasis is that, no depositor will lose his or her funds and all depositors can continue to do normal banking business with GCB Bank.”
The main offices and braches of UT Bank and Capital Bank are now under the control of GCB Bank and were opened at 1PM on Monday for normal business transactions.
Source:Ghana/AccraFM.com
