The GCB management is terminating the appointment of about 1000 workers of the now defunct UT and Capital banks.
According to GCB management, claim of the workers, with regards to their salary arrears, wages, leave, severance pay and other entitlement will be dealt according to the provisions of the Banks and Specialized Deposit Taking Institutions Act, 2016 (Act 930) and the Labour Act, 2003 (Act 651) and .
On August 14, The Bank of Ghana revoked the License of Capital Bank and UT Bank.
Central bank issued a statement which said: “The Bank of Ghana has approved a purchase and assumption transaction with GCB Bank Limited that transfers of all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd”.
The Bank of Ghana has canceled the licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to ruthless impalement of their capital.
Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers will undertake the receivership process, which will be good to realize and settle remaining assets and liabilities.
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