Ghana’s Central Bank revoked the licenses of two banks, UT Bank and Capital Bank, which have collapsed due to shortage of funds.
The two banks will continue to operate normally after the transfer is complete later today as they have been taken over by Ghana Commercial Bank and the money of clients has been guaranteed to be safe.
The banks in question were opened at about 1:00 pm yesterday for clients to do business.
According to reports, this latest development is part of measures to restructure the banking sector and protect the funds of depositors in the country.
The remaining assets and liabilities of the two banks will be realized and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).
According to the central bank the main offices and branches of UT Bank and Capital Bank will be under the control of GCB bank and will be opened at 1pm today for normal business transactions.
The Ghana Stock Exchange (GSE) has also suspended the listing status of UT Bank following its collapse and subsequent takeover by GCB.
The GSE noted that the suspension had become necessary due to the revocation of UT Bank’s licence by the BoG.
The GSE also indicated that UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015.
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