Edem shares opinion on UT & Capital Bank issue

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Rapper Edem has shared his opinion on the takeover of UT and Capital Banks by GCB Bank Ltd via a Bank of Ghana directive.

Issues like this would continue to make ppl loose confidence in Ghanaian owned businesses” wrote the ‘Gbevu‘ act.

Background

The GCB Bank Ltd has taken over the control of UT Bank and Capital Bank, a Press statement from the Bank of Ghana said Monday.

This follows the BoG’s approval of a Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.

According to the BoG, the move has become necessary due to a severe capital impairment of the two financial institutions.

Kasapafmonline.com has learnt some three banks bid to purchase the two banks where ‘GCB was selected amongst 3 others on the basis of purchase price, cost of funding, branches to be retained, staff to be employed and impact on the acquiring bank’s capital adequacy ratio’, the central bank said.

Notwithstanding this, the Bank of Ghana said deposits of customers are safe and banking operations of the two banks will continue as normal.

‘The Bank of Ghana assures the public that all customers can continue normal banking business at all UT Bank and Capital Bank facilities which are now branches of GCB bank’.

Source: livefmghana.com

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