GCB fires 700 UT bank and Capital bank workers after takeover

GCB fires 700 UT bank and Capital bank workers after takeover

- The UT/Capital bank workers have been issued with letters to proceed on leave

- GCB bank has maintained only few workers at critical positions

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

The management of GCB bank after few months of taken over from UT and Capital bank have sent home over 700 workers of the two defunct banks.

GCB fires 700 UT/Capital banks workers after takeover
Capital, UT bank logo

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According to a report put up by starrfmonline.com indicates that some of the affected workers have started receiving letters to proceed on leave.

The report says management GCB bank have only retained some old staff of the UT and capital bank responsible for some critical duties.

Some close source who spoke to Starr News on condition of anonymity disclosed that GCB bank will manage only 20 branches of the two banks nationwide.

This latest development comes barely three months after GCB completed takeover of the two banks over some liquidation issues.

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It could be recalled that PricewaterhouseCoopers last month disengaged the services of all 1356 staff of the two banks.

The Central Bank of Ghana in August approved a final takeover of the two banks by the GCB after they failed to meet some financial challenges.

In a statement issued and signed by the Bank of Ghana stated that it “approved the Purchase and Assumption transaction agreement with GCB that transfers all deposits and selected assets of UT bank and Capital bank to GCB bank Ltd”.

The statement also added that the BoG has revoked licenses of both Capital bank and UT bank after the two failed to comply with the regulations of the regulator.

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Source: YEN.com.gh

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