It is not all gloomy in the takeover of UT Bank and Capital Bank by the largest indigenous bank in Ghana, GCB Bank.
After the news of the said takeover happening after the Bank of Ghana revoked UT Bank and Capital Bank licences, the media and some sect of Ghanaians have fueled a frenzy crying foul with fear and trepidation.
But whereas the prospects may look very bad, there are some good takeaways from the takeover and YEN.com.gh has listed a few;
1 - GCB was the best among the banks who wanted to take over
The takeover was not just handed over to GCB Bank out of the blue.
According to the official release for the BoG, 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.
2 - People are not losing their jobs...for now
Yeah, this may not looks to be a very assuring point, but all communication from the parties involved including the regulator have stated that staff of the various banks would not face immediate termination.
The press release from the BoG, however, noted that there could be some renegotiations...and a lot can go wrong after that. Yikes!
3 - Your money is safe
Yhup, your money is completely safe and tucked away in deposits that have since the takeover been handed over to custody of GCB Bank.
Some might even say your money is in safer hands now as GCB is a state-owned bank and can rarely fold without the state taking up whatever shock that can close a shutdown.
4 - You can go to the same branch and do transactions
If you are a customer of UT or Capital Bank and your favorite branch is your closest branch, nothing has technically changed.
You can still walk into the same branch and make the same transactions as you would earlier...only this time you would be banking at GCB Bank and not UT Bank or Capital Bank.
If you are an earlier customer of GCB...hurray!!! More branches for you
5 - ATMs will work fine
How do GCB atms work? Just fine we have been told, so all atms of UT or Capital should be just fine!
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