Curses from unhappy UT Bank customers caused the bank’s collapse – Allotey Jacobs

Curses from unhappy UT Bank customers caused the bank’s collapse – Allotey Jacobs

- NDC's Allotey Jacobs says curses on UT bank CEO by customers collapsed the bank

- He says customers who were not happy rained curses on the bank directors

Yen.com.gh brings you the latest news in Ghana

A top member of the opposition National Democratic Congress (NDC), is alleging that some aggrieved customers of UT Bank, contributed to the collapse of the financial institution.

Curses from unhappy UT Bank customers caused the bank’s collapse – Allotey Jecobs

Allotey Jacobs and UT boss, Prince Kofi Amoabeng

READ ALSO: Victor Smith is a coward NDC politician – Koku Anyidoho goes wild

According to Bernard Allotey Jacobs, curses upon curses poured on founders and directors of the bank by unhappy customers who had their assets seized over loan re-payment played a major role in bringing bank's operations down.

To him, there were too many tongues wagging war against the CEO of the bank over their mode of operations.

The Central Regional Chairman of the NDC, speaking on an Accra-based Adom FM intimated that, curses by customers of the bank were so loud that, many workers of the bank resorted to intercessory prayers in their bid to reverse the curses.

“Curses from customers of UT Bank are even part of the collapse of the bank, those who had their properties seized after taking loans are part of the problem…they prayed against the bank”, Mr Jacobs said.

READ ALSO: Zylofon Media boss rescues Jewel Ackah with $10,000 after NDC snub

Curses from unhappy UT Bank customers caused the bank’s collapse – Allotey Jecobs

UT Bank headquarters being re-branded with GCB logo after the acquisition deal

The Central Bank on Monday announced a surprised takeover of Capital Bank Limited and UT Bank by GCB bank, after it revoked their operational licenses as commercial banks.

The central bank attributed its actions to the severe impairment of capital of the two banks, adding that it approved a Purchase and Assumption (P&A) transaction to protect depositors’ funds and strengthen Ghana’s financial sector.

The Bank of Ghana (BoG) also cited that, the allowing the two banks to operate in Ghana’s financial sector poses huge threats to their customers and deposits.

Dr Ernest Addison, the Governor of the BoG, at a press conference told the media that, UT Bank and Capital Bank were heavily deficient in capital and liquidity, therefore their continuous operation could jeopardize not only depositors’ funds but also the stability of the Ghana’s financial system.

READ ALSO: Kwaku Manu flies family to US for wife’s birthday bash (Photos)

The BoG boss in his address revealed that, GCB was allowed under the Purchase and Assumption (P&A) transaction because, it currently holds the right balance sheet to take over all deposits and selected assets of both UT and Capital bank.

Do you have a story to share? We are on Facebook! Or send us an email at info@yen.com.gh

Source: Yen.com.gh

Related news
I'm unaware of Ghana’s poor performance in latest corruption report' - Jerry Rawlings

I'm unaware of Ghana’s poor performance in latest corruption report' - Jerry Rawlings

I'm unaware of Ghana’s poor performance in latest corruption report' - Jerry Rawlings
YEN.com.gh
Mailfire view pixel